steve | pyxis (Hiring)

Things I believe: - return dispersion will continue to grow in crypto - will become clearer which chains can support mainstream use cases, and which can’t. The divide between have and have nots will only be more apparent - follow the users - storytelling will matter less and great execution will be apparent - it will shake up the top 100 market cap leaderboard - onboarding and retaining the next millions of users is all that matters. We have 30-60 million MAUs (see a16z report) - most of current valuations are very rich and predicated on some future state where we have orders of magnitude more economic activity onchain. Most of that valuation is terminal value based. That will break down quickly if users and protocols fees don’t increase orders of magnitude - we have 4 years to figure this out. Not another decade - don’t become complacent because prices go up. If you have a big treasury, use it aggressively to acquire high LTV users (study AOL) - the tech is ready. We have excess block space, not enough demand for it - we have a go to market problem. The best tech doesn’t win necessarily. BD will become more important - moats in crypto are overstated. So are first mover advantages. Especially because everything is open source - making infrastructure decisions because that’s where TVL and users are today is a poor decision. The next wave of users won’t have any chain loyalty. Focus on tech and BD - DePIN and stablecoins is the killer combo to scale and onboard the next mass wave of users on chain and retain them. It’s also the only way to break the over reliance on speculation and the self referential dynamic we see today - every major app that hits scale will launch their own chain - decentralized product, strategy and BD doesn’t work. Decentralized security but centralized product decision making