once it occurred to me, the cryptoeconomy is pretty circular - we're basically all just sending money to eachother in exchange for different assets. this made me kinda bearish, "it's all froth", "there's nothing there"

but every economy is circular at the end of the day - just at different levels of scale

It really feels like that at the end of every bear market. 

Back in 2019 eth conferences was was I called a dev circlejerk.

You use my protocol, I use your protocol and we regurgitate TVL.

Then DeFi summer happened 🤷‍♂️