Being a crypto founder is like being a founder of a public company - except your investors have 4 week time horizons and you're stuck in a 24/7 board meeting with them
The future of onchain liquidity looks something like this:
> Native token and stable/stable pairs managed by the foundation on a CLOB > Long-tail liquidity handled by third-party teams
This model ensures deep, reliable liquidity for core assets - without burning capital on incentive wars - while letting third parties compete to support new tokens
Hyperliquid and Sui understood this early
Newer L1s like @N1Chain are building their own CLOBs and I expect this model to become the standard going forward
It's incredible how we went from "VC coins" are bad to presales where participants also get in at equally low valuations but instead, are fully unlocked on day 1