Product

Challenge: Polymarket, the most robust PMF ethereum app, is stuck at $100m OI and ~20k DAU.

Where does the next 10x come from?

I've come to increasingly believe that there are only two kinds of scale businesses that can hit escape velocity in crypto: 

1. Trading supply chain tooling: exchanges, launchpads  
2. Making a boring existing workflow faster: stablecoins

literally everything else is TAM-constrained

My contrarian take is that almost all of the following categories are sub-scale and can sustain 0–2 winners at best without a 100x expansion of their market: 

- Selling blockspace: L1s, L2s
- Infra / dev tooling: proving, security, oracles, explorers, 
- All SaaS targeted towards crypto native companies: nodes, index, audit, analytics, raas

This seems harsh, but it's just the reality of building in what is really a very small market. Only once you can see things clearly can you develop a strategy to build a scale business

Sometimes it feels insane that this is a 3T asset class when the reality on the ground feels like 200 companies, and 10,000 traders.