some unstructured thoughts because someone asked me to elaborate on this: the hardest thing in startup investing is finding the right founders to back. once a company reaches pmf, builds a moat around its product, has a big brand and resources, assembles an all-star team everything becomes MUCH easier look at google, meta, tesla and the other big tech co's their charts are up only because they have reached that stage the industries they are in keep changing but these companies just throw their brainpower, human capital, operational efficiency and resources at it and become leaders in those new things as well (see who won mobile, AI etc.) @RyanWatkins_ recently said in a podcast we're seeing the emergence of a crypto Mag7 i think Ethena and Hyperliquid are going to be the leaders of that Mag7 you only have to watch how Ethena started with the tokenized basis trade, expanded into fiat backed USDtb for more flexibility, understood the power of owning the entire stack and announced Converge, the first stablechain, with Securitize, saw alt market structure was broken and explored the first alt DAT to seek outside capital, recognized Hyperliquid as a massive emerging ecosystem and made a fat early investment into @BasedOneX to penetrate that ecosystem, realized a lot of projects want to internalize yield and built a stablecoin issuance as a service stack with MegaETH as first partner and likely more to follow i could go on and on but it's pretty clear that these guys are 1 in a billion operators and they're here to win this is why i think investing in ethena is investing in compounding growth