The truth is most defi teams have been checked out for the past year and a half

And with no investors on the board, there was no one to keep teams accountable

So many just rested and vested

Kudos to the few teams that held themselves accountable to tokenholders and themselves What you never read about in the history books is that in bubbles, it becomes socially acceptable to do nothing

So long as prices go up, nobody will tell you to stop doing nothing. Nothing is working

The teams that win don't drink the kool-aid and work hard through the bull

The era of money growing on trees for crypto projects is likely over. That means no more spraying and praying.

Now, teams need to think hard about what internal initiatives to invest in.

To help teams develop a mental model for spending, I wrote a piece on capital allocation👇 First, what is capital allocation?

Simply put, it's three related concepts:

(i) figuring out what options you have to invest money into.
(ii) estimating the expected return for each option.
(iii) deciding which option(s) you want to put money into.

1/ I rarely write tweetstorms because I prefer the longform written word for topics of weight. 2/ But I haven’t had the time to sit down and write a piece on SegWit2x, so I will share my thoughts here.