Why do crypto projects have higher operating leverage than traditional businesses? Because: 1. The blockchain you build on outsources your backend tech infrastructure costs to validators. 2. You don’t need to hire as much personnel for compliance, legal, and accounting. 3. You can fork all the nonessential smart contracts you need to get started. 4. You don’t need to pay as much to access “vendors” because the app ecosystem is composable. 5. User acquisition costs are low, if you’re on Solana for example they practically do it for you. Or just tease an airdrop. And that’s how you get apps like Hyperliquid and Pump building billion dollar businesses with the amount of employees it takes to run a McDonalds location.