Vét Láp on Warpcast

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Josh Cornelius Back With His Weekly Notes on Consumer Crypto Here, he covers: The state of venture capital in and out of crypto, future of chains and why we'll have hundreds, and also shares updates on memecoin platforms like: > Multiplier > Rugdotfun > Drakula > Interface

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@sontungmtp.eth

And now, I think what comes next is real consumer tokens. Tokens that combine the expansive ambitions of top infrastructure projects, with the belief systems, cultural value, and social properties of memecoins. Tokens connected to product and social experiences that people actually care about instead of vaporware. Tokens from projects that are trying to change the world, but don’t need to raise hundreds of millions of dollars from dump-happy VCs to do it.

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Consumer demand for making money and having fun has driven everything, and alongside all the chaotic usage and energy from each cycle, real, useful, and sustainable products emerged. Ethereum and Filecoin came out of ICOs, Compound and Uniswap and Aave came out of DeFi summer, points farming and memecoins contributed to the resurgence of Solana, its DeFi ecosystem, and Pump.fun.

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Calling crypto a token production industry is obviously drastically over-reductive for the potential of the tech, but it’s also easy to argue that it’s what we’ve done most effectively to date. Every cycle has been kickstarted and dominated by a new token mechanism. We had the rise of altcoins in 2011, ICOs in 2017, liquidity mining and yield farming in 2020, NFTs in 2021, point farming in 2023, and now memecoins in 2024.

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Our weird little token production industry is in an interesting place. There continues to be disgusting games played by infrastructure VCs and teams, people are accepting that crypto is fundamentally a consumer technology, and there’s growing conviction that the memecoin supercycle is real. Many are wondering what comes next.

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I was talking to Flex this week in New York who reminded me about all the passionate debates developers used to have about what database technologies were best, and today it’s been abstracted away to the point that application developers themselves don’t even really need to know.

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Also I know it’s against their ethos, but from my vantage point I think it would make a ton of sense for pump.fun to go cross-chain, be early movers onto new chains with meaningful attention, and more defensibly capture the market. Betting your business on a single ecosystem being long term dominant at this stage seems risky.

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Nguyễn Phương Nhi

For example, nobody really cares that Polymarket is on Polygon because it’s a good product that people want to use. I would personally prefer it if it was on a chain where I had more assets so I didn’t have to deal with bridging, but it’s an easy barrier to overcome for a product I want to use that serves a need. And most users will probably just directly onboard onto Polymarket via apple pay, etc.

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A world where chains continue being sources of culture, community, and distribution. There will still be many chains as there will always be new tech narratives, endless niches to serve, and tokens to rally around, and consumer founders will want to be on any chain that has attention from a community aligned with what they’re building.

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A world where chains get completely abstracted away, they truly just become infrastructure providers, and people don’t even know which one the app they’re using is built on. In this world consumer founders will just park on whatever makes the most technical and economic sense, with incentives and revenue sharing being a big piece of the decision.

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I also tend to think, because of the open source tech and power of token incentives, we’re going to move towards a future with hundreds of legitimate chains. I could see it going two ways:

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It continues to surprise me how people anchored into the Solana ecosystem consider it in a league of its own and act like it has won. I love the ecosystem, there’s a ton of great stuff getting built there, but I also remember a year and a half ago when it felt like it was dead and recognize that in another year once these new chains are in market that the landscape may look very different again.

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It was Mert’s tweet about Ethereum L2s not being competitive to Solana that sent me down this path, as this is entirely contradictory to my experience working with early stage founders. Almost every week I have conversations with pre-product teams that are considering L2s and alternative L1s alongside Solana.

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Last week I talked a bit about the growing number of legitimate chain options founders have when choosing where to build, each with distinct cultures, distribution into unique audiences, and varying levels of support offerings. It was focused on the short term, and this week I wanted to look further out and explore what the landscape may look like on a bit of a longer time frame.

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The real answer is probably somewhere in the middle, with people that are deep and crypto-native caring that something is integrated with their “home chain” but your average person not caring or needing to know. But regardless, the idea that one ecosystem will win or is all you need to pay attention to feels deeply flawed to me.

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