distribution is valuation blockchains are not new financial products. they are distribution engines for financial products - in the same way youtube was a distribution engine for content. and as with youtube, the medium reshapes what gets created. once distribution changes, the product itself changes. youtube didn’t just rebroadcast television. it created an entirely new category of content native to its incentives: shorter formats, creator-led economics, algorithm-aware production etc. solana will do the same for finance. it will not simply host replicas of traditional markets dominated by passive flows. it will produce markets optimized for active participation, because crypto’s core user base is active retail, not passive allocators. traditional markets over the last decade were shaped by three forces: passive dominance, low interest rates, and low inflation. that environment mechanically favored long-duration us growth assets. but this regime is breaking. retail is burning out on musical chairs markets where cycles are shorter, liquidity is thinner, and returns are increasingly concentrated into a handful of ai bets. narratives are now infinite. meme coins represent the logical endpoint: pure narrative, zero business. when narratives become abundant, they lose scarcity - and therefore lose value. the natural schelling point is not another story. it is cash flow. as the supply of “growth” assets trends toward infinity - driven by meme stocks/coins and financial engineering - the valuation premium shifts away from distant promises and toward present, verifiable earnings. cash-flow-producing businesses become the new coordination point, not because they are exciting, but because they are scarce and mathematically verifiable. even if valuation premiums don’t accrue to them, investors will be fine to sit on them (v. chase the next narrative trade) because they’re paid to hold it… a positive carry trade we just need to bring more stocks on chain… esp in markets that are hard to access and cheaply valued. eg., the dubai financial market (DFM) trades at a 14 pe while it supports a high growth country and business ecosystem (others in this category are ~2x more expensive) my bet is this is solely because it’s hard to access this stock. you need a local bank account or your broker has to support it. making it trivially accessible via a token will rerate its valuation imo. just like: you’d have more views on a youtube video versus broadcasting on a local tv channel… value businesses will have a higher valuation with more distribution