If I were building a mega crypto-incubator, my investment targets would be:
✅OpFi dapps/protocol infra
✅Indexing/querying (e.g., Infura)
It aims for success measured over half-decades not quick wins.
And it requires heavy investment in base layer protocol tokens (particularly for tokens w/ monetary potential) to comprise the majority of future ROI.
Of course, this list comes w/ the benefit of hindsight.
And to Ethereum's credit, the Ethereum "blob" (my term for distributed community) has coalesced/amoeba'd in this in direction.
I believe we're still quite early.
But I also believe that the idea that these cycles are visibly distinct is seemingly correct only in retrospect but in reality incorrect, particularly today.
The apps and infra that failed are never shown on historical timelines.
And in a hyper-connected / agile tech / post-Internet world, the window b/w apps and infra cycles is shrinking and thus blurred.
But now we have a model for forward-thinking about such tech.
We've seen how platforms evolve.
We can therefore better forecast the growth of new protocols earlier and with better accuracy.
1. We're still early
Without scale and composability, meaningful apps are limited to OpFi and a few other narrow use cases.
Most ROI of such an incubator will come from the rise in those base assets w/ monetary potential.
Focusing on both infra and apps is likely too broad to manage successfully.
Why is it that all mega-incubators are launching on new chains?
We need more definite optimists to take the risk of mega-incubating incumbent chains like Ethereum or Bitcoin.
But for some reason it's unsexy to seek new frontiers on old platforms.
Instead, we glorify breaking virgin ground.
4. The stakes of getting the infrastructure "right" are much higher than other platforms because base layers like Ethereum lay the foundation of a new money/value transfer protocol. Security/decentralization/scale are paramount.