I should clarify further.
This is why very little related to existing stablecoins or layer 1s or RWA tokenization is investable, including SOL, ETH and other L1s and L2s. Everyone wants to build their own chain, no one wants to invest in someone else’s chain or even use someone else’s product. There is tremendous interest and growth in stablecoins/payments and RWA tokenization, but none of that growth is accruing value to any of the existing infrastructure. The new players want to own the stack, not use the stack.
BUT — that doesn’t make crypto uninvestable. It just means you’re being steered in the wrong direction by exchanges and indexes and influencers. Stop investing in infrastructure that is either being passed over, or doesn’t benefit at all from usage.
Instead, invest in apps. There are a few applications built on blockchain rails that are successful. And that is where the value accrues. Fat protocol thesis is dead. Fat apps are where the value lies.
This includes (but not limited to)
- prediction markets
- Perp and spot dexes ($HYPE $AERO etc, but value depends on tokenomics)
- token launchpads (ie $PUMP)
- lend / borrow platforms (ie $SYRUP, $AAVE)
- a few DePIN projects (don’t love these but very long term could work).
Crypto isn’t dead. It’s actually a free for all of new entrants with no moat for incumbents and low barriers to entry for new entrants.
This is why very little related to existing stablecoins or layer 1s or RWA tokenization is investable, including SOL, ETH and other L1s and L2s. Everyone wants to build their own chain, no one wants to invest in someone else’s chain or even use someone else’s product. There is tremendous interest and growth in stablecoins/payments and RWA tokenization, but none of that growth is accruing value to any of the existing infrastructure. The new players want to own the stack, not use the stack.
BUT — that doesn’t make crypto uninvestable. It just means you’re being steered in the wrong direction by exchanges and indexes and influencers. Stop investing in infrastructure that is either being passed over, or doesn’t benefit at all from usage.
Instead, invest in apps. There are a few applications built on blockchain rails that are successful. And that is where the value accrues. Fat protocol thesis is dead. Fat apps are where the value lies.
This includes (but not limited to)
- prediction markets
- Perp and spot dexes ($HYPE $AERO etc, but value depends on tokenomics)
- token launchpads (ie $PUMP)
- lend / borrow platforms (ie $SYRUP, $AAVE)
- a few DePIN projects (don’t love these but very long term could work).
Crypto isn’t dead. It’s actually a free for all of new entrants with no moat for incumbents and low barriers to entry for new entrants.
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