DeFi got killed by tradfi

told ya, “build on, not in” build on blockchain don’t build in crypto

everyone is essentially forced to become a security, then tokenize. along that path, where the raise happens changes the profile of the company; whether as a traditional security first then tokenized later or immediately tokenize the security and raise through the token. the latter atm is much less clear, costs far more, and actually depresses valuation and investor attraction. more work, higher cost, less efficient. most will wait to tokenize until large scale, similar to ipo today. when they do tokenize, tokenomics are all but gone. cap table and allocations determined long ago. just using onchain rails for transparency of holders (which will increase, but opportunity for retail will decrease) and composability for access to collateral and global liquidity. one good outcome here is that vampiric opportunists will have less extraction methods as participation becomes downstream of network inclusion during raise (like it has long been traditionally). the crypto culture and landscape has changed dramatically, much less direct community communication will happen as has in the past 6 years as quarterly reports/updates become the frequency. yield incentives will all but disappear except for few infra platforms, far more focus on real businesses generating real yield which is good. if you're outside the US you can access tokenized securities but your local country laws/regs likely dont allow local companies to tokenize their own securities. US allows liquidity to flow into the US and out of another country, but US liquidity can't easily flow into your country. as stable adoption becomes dominant payment method for cost/effiency, USD increases its own dominance as other countries monies slip further and further into a devaluation cycle exacerbated by local gov printing, debt expansion, and corruption. tourism is down in many parts of the world, global investment is down. not 5% or 10%, we're talking 25% to 50% for many. when countries fail to adopt tokenization and participation in the global economy, they will fail faster locally and disruption and chaos will begin. already starting in some places. you must create local assets and enable global liquidity or you will fail...it's that simple. global liquidity requires transparency and protections, many issuers cannot provide the assurances required to attract it even if tokenization makes access possible, secondary to local laws allowing it. countries monies depreciate far faster than USD, local money flow increases outwardly into accessible onchain global assets issued from US, flywheel spins faster. countries that move quickly to enable local laws to support onchain, tokenization, and global liquidity AND CREATE LOCAL ASSETS THAT ARE INVESTABLE, will maintain or improve their socioeconomic and welfare place within the world. but control and power are bottlenecks to this. some insight from my r&d these past few months being boots on the ground. the future is unknown. there are no promises. identify a gap in the market that can be built within the constraints, something only you can create in this world, and go for it.

crypto is dead for at least two years builders have no certainty w/o clarity law opinions change quickly, no lindy protection can’t do utilities like governance or voting amm, perps, prediction, lending only make revenue and with programmatic buy/burn only option, only class leader makes enough to matter. speculation is dead. stables, payments, tokenized stocks are big company games. nothing built can be protected, if you create it and it has traction it will be forked by bigger company and they will squish you. memes are dead. world economy is fucked. nearly every country is on the brink of financial despair. debts and credits maxing. real estate crashing w/ no buyers and high rates while inflation rising sucking in all monies. taxes are rising. corruption is at all time highs at gov levels too. protests breaking out now. non-economically 2/3 ppl i speak with are experiencing incredible suffering, hardships, trials and tribulations. houses are falling into ocean. floods are taking over the streets. fires are breaking out. cancer is spreading and surprising the young. cars are falling off jacks and killing people. the weirdest and saddest stories. all you can do is your best. try to add more value to this world through building something meaningful for people, add more joy, more smiles, more access, more support. even if just for a moment. everyone is struggling right now, but hard times are net good so strap in because it’s going to get harder over the next two years before it gets better. you’re not in it alone nor do you have to carry the weight of your world and your people. give it to God, focus intently on being the rock your family or people or community need and just hammer through one day at a time. someone always has it harder. you got this.

the horse is galloping

what can you do better than anyone else in the entire world? what do you possess that no individual in the entire world possesses but you? What can you do that no one else can do? Including AI. Figure that out then go do that.

never quit

met a crypto legend and great friend irl last night in Taiwan after 6 years of being anon what a pleasure it was to connect irl not many anons exist today, but if you are, and are considering meeting irl, highly recommend it.

one day you’ll understand

always pushing

>never go to conferences >decided to go to @token2049 >schedule conflict meant needed to take the red eye arriving morning of in Singapore >airplane engine rugs (thankfully before boarding) >missing conference

three layers

all the action is irl

2027: building on > building in