Many of my college friends in crypto have asked me whether to join VCs or become founders. After spending a summer working at @dragonfly_xyz, here are my thoughts on what kind of people should do crypto VCs 🧵 1/ Conviction in crypto’s 100x growth

A trader friend once said, “if you think crypto will grow 10x, you do trading; if the number is 100x, you do VC.” Due to higher frictions of investment, VCs bet on high-growth startups to outperform market beta, aiming to be the convexity.

1/ Thoughts on why protocols like Aave & Curve are launching their own stables like $GHO:

a) Accrue interest fees ➝ extra borrowing revenue
b) Print money w zero cost ➝ privilege of seigniorage
c) Lower interest rate for stAAVE holders ➝ more utility to governance tokens 2/ Is this gonna work? Yes, they 100% have the capacity + market share to make functional stables.

A perhaps more important question is how much adoption these stables will get outisde native ecosystems, i.e. becoming transactional currencies instead of exotic pegged assets.

Has Curve V2 lost the great DEX battle to Uniswap V3? Many claim that Curve is a dead man walking, but what does the data say?

The answer will surprise you 🧵 TL;DR: Curve and Uniswap are both winning, but in different markets. Uniswap is at a 50/50 standoff with Curve in the stables market, dominates the volatile pairs, and completely loses the synthetic market.

Now the market breakdown ↓

A thought-driven thread on Doodles, based on the roadmap announced at Doodles’ NFT NYC party tonight. AND Why I think Doodles are real NFT alphas: 🧵 For those of you who weren’t there, announcement gist:
1) Doodles closed the first fundraising round led by Alexis Ohanian’s 776 Capital;
2) Pharrell Williams will join as Board Member & Chief Brand Officer;
3) The first edition of Doodles’ music record will come out very soon;