Crypto isn't going through a personality crisis. It's just growing up. The tension between “crypto-native” and “crypto-adjacent” isn’t a battle for the soul of the industry. It’s a sign of maturation. Every new platform starts this way: a small group of power users pushes the limits, funds the infrastructure, and creates the conditions for the rest of the world to show up. @Polymarket's top 196 users (top 0.06%) drive half the volume. Their bets build the trust layer for casual users to lean on. @farcaster_xyz's early adopters pay to mint, build clients, and experiment with onchain UX so new users and crypto-curious can scroll in peace. @blackbird_xyz hides token plumbing behind better restaurant rewards. These aren’t edge cases. This is how scale works. And the shift from cowboy founders to commercial ones? It’s not a replacement. It’s a merge. The builders winning right now aren’t web2 devs adding token wrappers. They’re the ones who grok crypto’s technical unlocks and know how to ship them through familiar distribution rails. @chippedsocial turns your manicure into a social rewards system, letting you tap to share your profile, earn points for making connections, and redeem them for real-world perks. @zora makes NFTs disappear for the end user by understanding the culture deeply enough to abstract it.

More to learn from mobile gaming business models, than the Saas etc. > 1% of users = most of the value

all about power users if you are building crypto native there's roughly 2,000 people that matter

Internet capital markets accelerate everything, including the 80/20 rule your crypto product prob follows the new 99/1 rule

New article! (link in next tweet) I talk about the key differences in what matters when building for crypto-native vs. building for crypto-adjacent. Hint: power users.

What are the best MOIC seed investments for projects started after FTX? Ethena, Pump, Movement, EtherFi, Story, Grass, Sahara AI, Lagrange. What else?

The top 737 users (top 0.2%) did half of @opensea's volume last month. The top 72 users (top 0.02%) did half of @Polymarket's volume last month! New essay on power users coming next week.

10 years of Ethereum.

I find it very misleading when DeFi projects rebrand yield vault strategies as "stablecoins" for better marketing. You are holding an LP token in a credit fund, which has way more risk of depegging than USDC/USDT if the fund blows up.

Aren't digital asset treasury companies just OlympusDAO for tradfi?