Ryan Sean Adams (rsa.eth)
@rsa.eth
"Crypto doesn't have users" is wrong. Crypto has users. Over 560 million people worldwide now own crypto. "But owning crypto doesn't count" - also wrong. Owning crypto is using crypto. Own is the verb crypto added to the internet - own is literally the point. "So you're saying we're done here?" No. Not at all - we're maybe 5% done. Own is just the top of the funnel for using crypto - it's barely using it. Own enables deeper verbs like Pay, Lend, Borrow, Mint. Own starts with few assets and expands to all the world's assets. Our massive unfinished work in crypto is to bring users down the funnel. From owning in an ETF to owning onchain. From 1% of their net worth in crypto to 90%. From bank account to crypto wallets. Everyone onchain. Everyone bankless. We have crypto users. Next we need to convert them to crypto natives. This is our next challenge.
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Dan Romero
@dwr.eth
> Owning crypto is using crypto. It's not. As an app developer, you don't make money if you don't have people using your app regularly.
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✳️ nibnalin on daimo
@nibnalin.eth
Float can be a great source of revenue, the most profitable crypto businesses besides exchanges are stablecoin issuers -- they make 6% float holding t bills for every USDC and USDT issued Tether's bottom line is already competitive with top US banks: https://x.com/teddyfuse/status/1777034406030352656
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Dan Romero
@dwr.eth
Issuing a stable coin is highly regulated and unlikely to be done by many companies esp. startups
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✳️ nibnalin on daimo
@nibnalin.eth
even so there are other ways to make money from float, others include aave, maker, compound, yearn etc
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✳️ nibnalin on daimo
@nibnalin.eth
and of course the bigger stablecoins and entities do various flavors of rev share on the float earnings, often in grants
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Dan Romero
@dwr.eth
Making money for float requires: 1. Scale 2. Either interest rates (bad for crypto growth) or taking risk (bad for biz) It’s meaningful for Coinbase scale. Hard to make it work otherwise.
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