MikeIppolito_
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I think most people dislike memecoins because they view them through the lens of finance.
From that perspective it feels like a perversion.
Viewed through a media lens, however, it seems like the culmination of every mega trend in the industry.
It feels inevitable.
From that perspective it feels like a perversion.
Viewed through a media lens, however, it seems like the culmination of every mega trend in the industry.
It feels inevitable.
Trading is still far and away what people want to do most onchain.
Of the $2.1B in app revenue generated in Q1, $1.7B came from trading related activity.
Quick thread on trading, onchain activity and app revenue trends 🧵
Of the $2.1B in app revenue generated in Q1, $1.7B came from trading related activity.
Quick thread on trading, onchain activity and app revenue trends 🧵
Crypto accelerates the three megatrends in media.
1. Personalities > brands.
2. 1st party > 3rd party data
3. Scalable products > ad revenue
Re: personalities - crypto is at the forefront of the attention economy.
Because we're used to internet money and early stage assets, the industry inherently recognizes the value of attention in a way tradfi does not.
The new generation of consumer apps from Pump to Zora to Believe all understand this and have it baked in at a fundamental level.
Crypto will birth a generation of apps that reward individuals with large audiences and accelerate that trend.
Re: 1st party - wallet data is a veritable gold mine for advertisers.
Imagine I'm running an ad campaign for Permissionless. If I use Google or Facebook, I can only target you based on your age, income, where you live, etc... not great.
If I could target someone that had traded on Uniswap 30 times in the last month, that would be SO much more useful for me.
I could even go a level deeper and target people with Aave or Uni in their wallet if @StaniKulechov or @haydenzadams were speaking.
Re: products - one of crypto's superpowers is the ability to create onchain products that scale revenue very quickly.
This is everything from staking, to onchain yield products, to prediction markets.
One way to monetize media is advertisers. A better model that many modern media companies are pivoting to is leveraging their own distribution to sell products.
Crypto media is a match made in heaven for this.
TL;DR - all of the building blocks are there to build a monster media company.
The question now is who will execute?
1. Personalities > brands.
2. 1st party > 3rd party data
3. Scalable products > ad revenue
Re: personalities - crypto is at the forefront of the attention economy.
Because we're used to internet money and early stage assets, the industry inherently recognizes the value of attention in a way tradfi does not.
The new generation of consumer apps from Pump to Zora to Believe all understand this and have it baked in at a fundamental level.
Crypto will birth a generation of apps that reward individuals with large audiences and accelerate that trend.
Re: 1st party - wallet data is a veritable gold mine for advertisers.
Imagine I'm running an ad campaign for Permissionless. If I use Google or Facebook, I can only target you based on your age, income, where you live, etc... not great.
If I could target someone that had traded on Uniswap 30 times in the last month, that would be SO much more useful for me.
I could even go a level deeper and target people with Aave or Uni in their wallet if @StaniKulechov or @haydenzadams were speaking.
Re: products - one of crypto's superpowers is the ability to create onchain products that scale revenue very quickly.
This is everything from staking, to onchain yield products, to prediction markets.
One way to monetize media is advertisers. A better model that many modern media companies are pivoting to is leveraging their own distribution to sell products.
Crypto media is a match made in heaven for this.
TL;DR - all of the building blocks are there to build a monster media company.
The question now is who will execute?
If you’re a founder you have no space for luxury beliefs.
Even if you have a vision for the future you need to meet the market where it’s at today.
This industry is littered with people who built for a market that didn’t exist yet, study 2018 enterprise blockchains.
Even if you have a vision for the future you need to meet the market where it’s at today.
This industry is littered with people who built for a market that didn’t exist yet, study 2018 enterprise blockchains.
Some quick thoughts on the acquisition vehicle meta:
It seems like we've found the 2025 equivalent of GBTC.
I have no idea if these vehicles will achieve that level of scale and destructive potential, but make no mistake, this is leverage getting injected into the system.
To spell out the risk, it's that these acquisition vehicles accumulate a lot of crypto at much worse terms than Saylor and eventually become forced sellers.
I'm not sure people truly understand how much of a wizard Michael Saylor is.
Saylor financed the majority of his BTC buys with converts, so there's plenty of equity risk for investors but little risk of liquidation.
The first issuance he did for $650M back in 2025 paid a 0.75% coupon for what is essentially an unsecured loan.
These new acquisition corps won't get terms Saylor's terms, and they almost certainly won't be able to raise the capital unsecured.
The most likely scenario is that the terms are much worse, there's real liquidation risk, but investors will FOMO in because no one reads the fine print and it worked for Saylor.
It's an extremely reflexive feedback loop that if it gets large enough, ends in a 2022 like sell off.
I am hopeful that if enough people call this out we can avoid a grey swan scenario, but I've worked in crypto long enough not to hold my breath.
It seems like we've found the 2025 equivalent of GBTC.
I have no idea if these vehicles will achieve that level of scale and destructive potential, but make no mistake, this is leverage getting injected into the system.
To spell out the risk, it's that these acquisition vehicles accumulate a lot of crypto at much worse terms than Saylor and eventually become forced sellers.
I'm not sure people truly understand how much of a wizard Michael Saylor is.
Saylor financed the majority of his BTC buys with converts, so there's plenty of equity risk for investors but little risk of liquidation.
The first issuance he did for $650M back in 2025 paid a 0.75% coupon for what is essentially an unsecured loan.
These new acquisition corps won't get terms Saylor's terms, and they almost certainly won't be able to raise the capital unsecured.
The most likely scenario is that the terms are much worse, there's real liquidation risk, but investors will FOMO in because no one reads the fine print and it worked for Saylor.
It's an extremely reflexive feedback loop that if it gets large enough, ends in a 2022 like sell off.
I am hopeful that if enough people call this out we can avoid a grey swan scenario, but I've worked in crypto long enough not to hold my breath.
It’s likely days or weeks until we get a HyperLiquid acquisition vehicle, which will be what TRUMP was for memecoins
These crypto acquisition vehicles are going to end in tears.
Also Trump’s involvement at this point is doing more harm than good.
It gives Dems ammo to claim positive crypto regulation is a conflict of interest.
Also Trump’s involvement at this point is doing more harm than good.
It gives Dems ammo to claim positive crypto regulation is a conflict of interest.
$30M swing in 1 hour 🤯
Quick thread on token launchpads, pump fun dominance, and the memecoin market 🧵
Ethereum is quietly winning right now.
1. DeFi - Ethereum is straight up running away with the category
2. Scaling - real time proving and 4-8X blob throughput and 10X gas limit in Fusaka
3. Leadership - @tkstanczak and @dankrad
Don’t let PTSD cloud your mind, it’s a new era.
1. DeFi - Ethereum is straight up running away with the category
2. Scaling - real time proving and 4-8X blob throughput and 10X gas limit in Fusaka
3. Leadership - @tkstanczak and @dankrad
Don’t let PTSD cloud your mind, it’s a new era.
I can’t get behind the idea of cults.
I’m not sure when this word got normalized or became something to aspire to.
I joined this industry because it innovates insanely fast and I’m here for non sovereign money.
Grown men advocating for cults on the internet is beyond lame.
I’m not sure when this word got normalized or became something to aspire to.
I joined this industry because it innovates insanely fast and I’m here for non sovereign money.
Grown men advocating for cults on the internet is beyond lame.
To anyone opting to build a cult instead of revenue, I wish you *the best of luck.
Bitcoin is a snowflake in this regard, it can't be replicated today.
Most assets are valued via DCF, it's unlikely you are the exception, so you may as well start building revenue today.
Bitcoin is a snowflake in this regard, it can't be replicated today.
Most assets are valued via DCF, it's unlikely you are the exception, so you may as well start building revenue today.
Russ Hanneman did a real number on the crypto industry
I am looking to participate in the Lido Dual Governance tiebreaker committee (address to follow)
https://research.lido.fi/t/lido-dual-governance-tiebreaker-committee/10047
https://research.lido.fi/t/lido-dual-governance-tiebreaker-committee/10047
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