Ethereum

Product

The problem is also that the mere hint of an airdrop completely drowns out PMF signal.

"Hey we have this cool new product. It does X, Y, and if you use it you might get $20,000 for free in the future." Good luck finding anyone who cares even slightly about X and Y

Crypto products with serious PMF (Coinbase, Bridge, ...) have no token. Here's why.

Daimo Pay. Build once, distribute everywhere

Exceptions that prove the rule:
- Uniswap - found PMF first, token later
- Optimism/Arbitrum/etc - infrastructure, not products

Fair point.

Interestingly BNB was distributed via ICO, not airdrop.

Also: raised just $15m, launched within weeks, 3 million users within 6mo--this deserves the "then vs now" gigachad meme more than anything I've seen, holy shit

Working on Farcaster and Warpcast. Longer thoughts at https://dwr.email

Coinbase would have launched a token onchain if the SEC would have let them.

Binance has a token with 2x the market cap of COIN

At the end of the day, most tokens are just equities on the protocol