Pinned
I poured my heart and soul into this essay. Give it a read.
Felipe Montealegre
@TheiaResearch
Magnifica Humanitas
New York, USA
Joined April 2022
- Replying to @the_culturist_ and @Culture_CritWe are so back
- Token markets are becoming lemon markets. We can solve this with credible signals. I believe this is the biggest problem in the industry… but I also believe it is solvable. Thank you for having me at Research Day @dba_crypto
- Tokens are Broken Tokens are broken for teams who spend too much time looking at price charts and not enough time focused on customers and product-market fit. Tokens are broken when morale fluctuates with macro and market beta, and for teams attempting to negotiate funding
- We are close to the end of a >4 year token bear market. This is obvious if you understand why we have been in a token bear market to begin with — over the past few years, tokens have had low-to-no rights and traded at ridiculous valuations. Nobody has wanted to hold those assetsIt’s hard to overstate the symbolic value of Uniswap funneling all value from equity to token (and making it retroactive!) UNI token was the broken altar of tokenholder rights. Tokens (as a property type) can begin their global ascent now that UNI has been redeemed.
- If Aave launches a new token then its FDV will go down by more than the FDV of the new token (maybe not immediately but certainly over time) a lot of FDV comes from the hope that teams will create additional business lines that benefit the token — you don’t want to send that toA new token I'm so tired of it all man
- MetaDAO solves the Token Problem Why have there been so many false starts in the history of Internet Capital Markets? There have been brief periods where teams have been able to raise funds onchain (e.g. 2017, 2020, 2025) but we still find ourselves living in analog capital
