Jeff
@jeff-xyz
403 Following
1607 Followers
Reflecting tonight as I take some fake internet money profits and convert it to “real” (inevitably doomed) fiat USD, and it has me thinking…
It’s impressive how seamless it’s become to move money around via DeFi protocols → wallets → CEXs → bank accounts (and back), for 2 reasons:
1. It’s way more affordable now thanks to lower gas fees (s/o to mf @base.) Not that long ago, sending or swapping ETH could cost 10%, 15%, even 20% in fees, depending on network congestion. That’s wild. If you’ve experienced even more than that I feel for you.
2. The devs have had time to lay the foundation of what they envisioned. Now it’s like an 800 lb gorilla hopped off their backs, and they can now focus more on simplifying and cleaning up the UX to make things more intuitive and accessible for the next wave of users.
That may have always been the goal for DeFi, but now, the tooling is there to support them.
It’s awesome to see new ATHs, but it’s also exciting to see that the groundwork is starting to cement.
If this were baseball, I’d bet we’re probably 2/3rds into the 2nd inning. There’s still a whole lotta ball left to play.
Very excited to be in this space with you all and can’t wait to see what’s next, especially with @farcaster.
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Another thought on this bright and sunny day:
VCs are usually not your friends. Very rarely do they have your best interest in mind.
If they’re in your ear pushing you to launch a token, that’s a red flag. At the very least, it should raise your guard.
There are exceptions. But let’s walk through a common scenario:
You’ve got a project. Revenue is stable. Growth is steady. You’ve found product–market fit. There’s no real need for a token.
Yet the VC keeps nudging you to launch one.
Why?
Because in most cases, they want that token to be their exit liquidity.
Think about it:
They give you $100k for 5% equity.
They’re in for the long haul—five to ten years—with no guaranteed return.
In traditional VC, that money might never come back.
Now in Web3, they get both equity and token warrants.
If you launch a token without proper lockups, the moment they’re able to sell, they will.
Why? Because they’re playing with house money. If they can recover their cost basis early, they’ll do it, leaving you with a rekt chart and demoralized community.
Low-tiered VCs don’t care about equity anymore. They want tokens. If the company succeeds, great, that’s just a cherry on top.
(That’s an actual quote from one of them.)
Founders need to be clear on this:
If your project doesn’t need a token, don’t let someone else’s exit plan force your hand. If you want a token and give out warrants, make sure you have parameters protecting the sanctity of your project.
And to the low / mid-tiered VCs: Cut the grifty mindset. Stick with founders for the long term and do right by them. That’ll take you further than short-term games ever will. 2 replies
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