Andy2024

Decentralization doesn't matter, until it does.

2025 was an atrocious year for crypto VC.

Met with a large scale, tier 1 research team yesterday. Here's how they are thinking about the token equity dynamic...
...to be completely honest and blunt, they are still trying to figure it out just like everyone else. There is no clear solution right now. Its a massive question mark for the entire industry and no one has the solid answer.
This is due to perverse incentives to *come up* with a solution (ie. the gig is up), regulatory opaqueness, and truly a lack of deep thought around this up until recently.
I expect this to change in the first half of this year.

Two things that seem very clear to me:
1. By the end of 2026, we'll likely have a set of winning tokens and protocols to invest in for the next half-decade. Crypto's "Mag 7" if you will.
2. By the end of 2026, we'll have the biggest washout of 2021-2024 crypto builders, tokens, and protocols. Very much a power law dynamic to occur this year is the thesis.

With rumors of the upcoming crypto market structure bill being inked next week, its a great time to catchup on how the SEC is thinking about digital assets.
Commissioner Hester Peirce came on the show to give us the rundown recently. Enjoy.

Farming prediction markets for their mega token launches >>> farming overcrowded perps dexs in 2026

Its incredibly obvious now how Hyperliquid has forced the entire market to rethink token designs.
HYPE also accelerated the value destruction of many narrative based tokens. Revenue matters now. Activity onchain matters now. Real economic value matters now. Transparency and consistent programmable flows matter now.
This ain't 2021 anymore. Neo finance.

6 lessons passed on from an investing mentor:
1. Capital structure and track record must be airtight.
Make your investment processes auditable, and trackable from day one. Professionally manage your capital or be subject to lack of organization.
2. Sustainable, shared, compounding systems matter most.
The best things in life follow the same rule across wealth, habits, hobbies, and relationships: they are sustainable, shared, and compound over time.
3. Take a real liquidity event seriously.
Selling a massive position and then stepping away from markets for an extended period of time isn't weakn

Live from Hawaii.
Interviewing @samkazemian & @SamiStart for a full deep dive in stablecoins.

2026 crypto themes:
- neo finance
- convergence of legacy finance & DeFi
- crypto-powered businesses
- more fintech chains
- continued breakout of prediction markets
- coming to age for builders
- institutional cycle accelerates
- large acquisitions of crypto wallets by mega corps
- trillions of $$$ of stablecoin volumes
- perps volume substantially increases