crypto

The way many crypto projects become valuable is by enabling others to build new speculative assets on them, attracting bots and incentivized whales. This generates numbers that seem impressive, but are largely meaningless (N million DAUs/TVL here). The DAUs are bots, the TVL can exit easily and is here for a quick VC fueled APY buck.

This creates press and hype on twitter, causing real users and projects to join. The products are usually disappointing (the impressive numbers are often smoke+mirror), and projects and users mostly churn/take the L. 

Repeat

A sober take on what nearly all of crypto is today. 

Some exceptions imo are where intrinsic value to users is provided despite (e.g. @ensdomains) or as a result (e.g. @polymarket) of these dynamics, but those are mere exceptions. The gold lies in discovering more of these exceptions.

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