A group of investors + operators + DC influencers looked at me like I was crazy at a recent industry dinner when I said I supported A16z's 5+ year vesting on tokens as part of new market structure legislation.
Or you can not, and continue to get the hot ball of $ rotating with exit liquidity and nothing durable built.
It's insanity how many founders I've seen get rich that have built nothing of longevity in crypto. Investors the same deal.
DeFi. Where we are today, and where do we go from here.
A long flight back from ETHDenver to synthesize some thoughts, so its time for a 🧵 (1/35) ....
(2/35). The Trough of Disillusionment - We are now nearly two years after #DeFi summer ignited the 2020 - 2021 bull run. Today, blue chip DeFi (what many call DeFi 1.0) is squarely in the trough of disillusionment.
(3/35). DeFi is a Narrative Highly out of Favor - The crypto market and its ever expanding narratives, combined with its chasing tail of hot money, has moved onto the next big thing. Social tokens, the metaverse, GameFi, DAOs, pfp NFTS, music NFTS, etc all have captured....