If you’re a crypto founder, it’s worth following the venture v. liquid discussion.
TLDR: liquid is more interesting than venture atm because the valuations are much closer to real.
Bigger the venture fund, higher your valuation, harder the come down, and longer it takes to form a real, distributed community around the project. Price discovery ultimately matters.
Raising on @echodotxyz remains underrated. You trade valuation for distribution and launch into strength.
If you’re a solana eco founder, there’s many groups that’ll happily participate in your round. Push out the tier 2/3 VCs, and make room for the community instead.
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I shared some notes with the internal solana foundation team that are relevant more widely. Summary below.
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Solana Fndn 2025 Marketing Memo
Internet Capital Markets and F.A.T. Protocol Engineering.
Solana’s promise is to allow anyone with an internet connection access to capital markets. Today, you can download a wallet or app, click a few buttons and participate in internet capital markets – a globally accessible ledger where entities, currencies, and cultures are tokenized.
Why is this important? This helps us create a world where anyone, anywhere can own assets if they have an internet connection. Everything from global companies to real estate, commodities, or even cultural expressions. It lays the foundation for universal basic ownership.
The performant L1 race isn't just to build a decentralized Nasdaq. It is to build an Internet-native successor to Nasdaq -- capital markets with better access, lower latency, and shared global liquidity.
2/ The opportunity is simple, but massive: ~15% of humans can participate in U.S. capital mkts today - the most liquid mkt in the world. Many global mkts are illiquid, expensive to access, and settlement is broken.
Crypto is both more accessible and more liquid than them. In peak periods, it has outranked NASDAQ/NYSE volumes.
We can build the best capital markets on the internet.
3/ In this future, companies will simply go public 'on the internet'
and will have access to over a billion investors with private keys — voting with their dollars on the future they want. Not just in stocks, but in every asset class, culture, and idea worth owning.