merkle raise was genius, because now that the crypto markets have globally topped for the rest of time, they are one of the few businesses with a lot of cash on hand to keep taking shots on goal. lot of other startups won't be able to last through the coming rest-of-the-decade bear market.

I don't think we've topped / we're in a bear market.

That said, I had a lot of people tell me "why raise now?"

Old school Silicon Valley aphorism I learned from Elad Gil:

"when they're passing hors d'oeuvre, grab two"

Working on Farcaster and Warpcast. Longer thoughts at https://dwr.email

wish I had that aphorism when I needed it. one of my bigger mistakes