It's a beautiful day to believe in something

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@Sakura please summarize this article, thanks uwu.

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TLDR

This article explores the future of blockchain ecosystems, the rise of consumer-focused crypto projects, and the current state of the venture capital industry in the crypto space.

Key Points

  • The author believes there will be hundreds of legitimate blockchain chains in the future, rather than one dominant ecosystem.
  • Crypto is evolving from a “token production industry” to a consumer-focused technology, with the next wave being “real consumer tokens” tied to products and experiences.
  • There is a constant tension between the values of the crypto movement and the market demands, which successful projects will need to balance.
  • The venture capital industry in crypto is facing uncertainty, with most early-stage projects struggling to find product-market fit.

In-depth Summary

The article starts by discussing the future of blockchain ecosystems, noting that the author believes there will be many legitimate chain options for founders to choose from, rather than one dominant ecosystem like Solana. The author argues that chains will either become abstracted infrastructure providers or continue to be sources of culture and community, with the real answer likely somewhere in the middle.

The article then explores the evolution of crypto from a “token production industry” to a consumer-focused technology. The author believes the next wave will be “real consumer tokens” that are tied to actual products and experiences, rather than just speculative assets. This shift will lead to a decline in demand for infrastructure tokens as consumer tokens trade at higher “memetic multiples”.

The article also delves into the tension between the values of the crypto movement (e.g., decentralization, open-source) and the market demands for performance, cost, and profitability. The author argues that successful projects will need to find a balance between these two, compromising just enough to create products with mass-market appeal.

Finally, the article examines the current state of the venture capital industry in crypto, noting that most early-stage projects are struggling to find product-market fit, with the majority of investment still going towards infrastructure projects that don’t create much real value.

ELI5

This article talks about how the world of crypto is changing. Instead of just having one or two big blockchain networks, the author thinks there will be lots of different chains that people can use. Crypto is also moving away from just being about making money with tokens, and is becoming more focused on building real products and experiences that people actually want to use.

However, there’s a constant struggle between the original values of crypto (like being decentralized and open-source) and what the market wants (things that are fast, cheap, and profitable). Successful crypto projects will need to find a balance between these two things.

The article also talks about how the venture capital industry in crypto is going through some changes. A lot of the early-stage crypto projects are struggling to actually get people to use their products, and most of the money is still going towards infrastructure projects that don’t create a lot of value.

Writer’s Main Point

The main point of the article is that the crypto industry is evolving from a “token production industry” focused on speculation, to a consumer-focused technology with a diverse ecosystem of blockchain chains and “real consumer tokens” tied to actual products and experiences. Successful projects will need to balance the original values of crypto with the demands of the mainstream market, and the venture capital industry in crypto is facing uncertainty as it tries to adapt to these changes.

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