calilyliu
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Best network (2018-present)
Best place for devs (2020-present)
Best place for capital (2025 onwards)
These are additive; compounding; and also somewhat sequential
To build internet capital markets, Solana needs to be all of these things. No trilemmas.
Being the best place for capital means two things:
1/ all the assets, from memes to money market funds
2/ all the ways to use those assets, from perps to payments
Best place for devs (2020-present)
Best place for capital (2025 onwards)
These are additive; compounding; and also somewhat sequential
To build internet capital markets, Solana needs to be all of these things. No trilemmas.
Being the best place for capital means two things:
1/ all the assets, from memes to money market funds
2/ all the ways to use those assets, from perps to payments
NFTs are defi
Tokenizing assets:
Increases distribution
Reduces administration
Increases distribution
Reduces administration
- Validators make money from transaction count (and the most from tx that can command priority fees)
- Apps make money from transaction volume (usually)
- Issuers make money from AuM
Each part of the ecosystem profits from a different aspect of economic activity. Taken as a whole, over the long term, each one of these stakeholders needs to be making money to grow a healthy ecosystem.
Defi to date is overly fixated on TVL as the north star metric.
But TVL only tracks AuM, which directly enriches issuers ... not the validators or apps that have created defi to date.
TVL is a necessary yet incomplete metric.
- Apps make money from transaction volume (usually)
- Issuers make money from AuM
Each part of the ecosystem profits from a different aspect of economic activity. Taken as a whole, over the long term, each one of these stakeholders needs to be making money to grow a healthy ecosystem.
Defi to date is overly fixated on TVL as the north star metric.
But TVL only tracks AuM, which directly enriches issuers ... not the validators or apps that have created defi to date.
TVL is a necessary yet incomplete metric.
Defi isn't just an application vertical in crypto, it is the core purpose of a blockchain.
Beyond bitcoin, blockchains provide decentralized financial markets infrastructure.
Blockchains are defi. Defi is blockchain.
Beyond bitcoin, blockchains provide decentralized financial markets infrastructure.
Blockchains are defi. Defi is blockchain.
Blockchain is about financialization - but not just of finance.
DAO = financialization of communities
NFTs = financialization of jpg
Web3 gaming = financialization of in game items
DePIN = use of financial incentive to bootstrap new human and physical networks
These are new markets made possible by programmable blockchains
DAO = financialization of communities
NFTs = financialization of jpg
Web3 gaming = financialization of in game items
DePIN = use of financial incentive to bootstrap new human and physical networks
These are new markets made possible by programmable blockchains
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