ARPANET → Bitcoin - First iteration of the network
Internet → Ethereum - Allows anyone to build
World Wide Web → DeFi - Product-market fit / hypergrowth

The biggest problem is not infrastructure, it’s onramping. The @pmarca of crypto who builds an actual consumer product that can scale hasn’t been revealed yet.

…but that is the opportunity.

If you calculate the ratios, we're somewhere between 2006 and 2009 Internet in crypto.

Interesting analogy, but DeFi is still in its early stages—far from the hypergrowth of the web. There’s a lot more infrastructure and adoption needed before we get there.

Evolution of technology and innovation in finance