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

ENS was invented in 2016, launched in 2017, spun out of the EF as an already-successful product in 2018

then launched a token in 2021

just like Uniswap: PMF first (before the airdrop meta even existed), token later

Literally nothing in crypto has PMF except stablecoins and memecoins.

I don’t think token is the main reason.

Token is just an expression of speculation on narratives

Token isn’t needed as part of the product here?