I've come to increasingly believe that there are only two kinds of scale businesses that can hit escape velocity in crypto: 

1. Trading supply chain tooling: exchanges, launchpads  
2. Making a boring existing workflow faster: stablecoins

literally everything else is TAM-constrained

I love stablecoins, but they have been in the trading supply tool chain for a decade before starting to show some traction elsewhere.

And if you look at revenue for stablecoins, it's <1% non-trading.

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

true! non trading use case of stablecoin is very new, but there's pretty fast takeoff in a large market.

Volume != revenue

Nor is all $ volume equally monetizable