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Seems like the focus of DTSP is blockchain firms based in Singapore, providing services to clients outside of Singapore. This is “only” exchanges, market makers, entities involved in token handling. In other words, exiling the businesses that anchor this entire industry, that dominate crypto liquidity, and made Singapore into a major crypto financial center. Some insist that “no no - it’s just a sub sector of the industry. Singapore still embraces crypto - it welcomes foundations, technical teams, labs!” But the exodus is already well under way. And here’s the thing: it is hard (impossible?) to have talent formation without capital formation. Singapore wants talent formation, and yet has exiled the thing that made it a Tier A destination: being a capital formation destination for crypto. Capital attracts talent, both formally and informally. - Formally: get a job at a big company, move, gain experience, build a career, then start your own company. - Informally: move to an industry hub to be adjacent to a growing industry; build connectivity and start or grow your business. There are very few places in the world that have been able to capture a capital formation <> talent formation flywheel. Silicon Valley is one. Hangzhou is another. Practically every other tier 1, tier 2 metro area on earth aspires to this. Few succeed. Singapore has a chance, but has now voluntarily eliminated its advantage as a natural capital formation nucleus for the future of finance. Crypto is global, remote, and mobile. It will always find a new home. Internet capital nations!
Seems like the focus of DTSP is blockchain firms based in Singapore, providing services to clients outside of Singapore.

This is “only” exchanges, market makers, entities involved in token handling.

In other words, exiling the businesses that anchor this entire industry, that dominate crypto liquidity, and made Singapore into a major crypto financial center.

Some insist that “no no - it’s just a sub sector of the industry. Singapore still embraces crypto - it welcomes foundations, technical teams, labs!”

But the exodus is already well under way.

And here’s the thing: it is hard (impossible?) to have talent formation without capital formation. Singapore wants talent formation, and yet has exiled the thing that made it a Tier A destination: being a capital formation destination for crypto.

Capital attracts talent, both formally and informally.
- Formally: get a job at a big company, move, gain experience, build a career, then start your own company.
- Informally: move to an industry hub to be adjacent to a growing industry; build connectivity and start or grow your business.

There are very few places in the world that have been able to capture a capital formation <> talent formation flywheel. Silicon Valley is one. Hangzhou is another. Practically every other tier 1, tier 2 metro area on earth aspires to this. Few succeed.

Singapore has a chance, but has now voluntarily eliminated its advantage as a natural capital formation nucleus for the future of finance.

Crypto is global, remote, and mobile. It will always find a new home. Internet capital nations!
. @Fiserv serves 3k regional and community banks; 10k financial institutions; millions of merchants. $21B revenue. One of the leading payments infra providers in the world. Now integrating @solana based stablecoins
. @Fiserv serves 3k regional and community banks; 10k financial institutions; millions of merchants. $21B revenue. One of the leading payments infra providers in the world.

Now integrating @solana based stablecoins
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 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
NFTs are defi
NFTs are defi
Tokenizing assets: Increases distribution Reduces administration
Tokenizing assets:

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.
- 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.
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.
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.
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
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
Bitcoin good, blockchain good
Bitcoin good, blockchain good
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