X @Ansem

Market Sentiment & Valuation - The crypto market has shifted from financial nihilism to financial cynicism, with concerns about overvaluation and potential corrections [4][5] - Applying P/E ratios to smart contract chains is seen as limiting the industry to linear growth, rather than embracing its exponential potential [35] - The market prices new challenger chains based on their probability of success relative to established chains like Ethereum (ETH) and Solana (SOL) [14] Exponential Growth & Long-Term Vision - The author argues for a long-term belief in the crypto exponential, drawing parallels to the early days of e-commerce and the internet [24][36] - Crypto is transforming financial assets into easily transferable digital formats, enabling 24/7 global interconnectedness and openness [31] - The author believes that open, interconnected systems will ultimately win, similar to how the internet disrupted other industries [31][32] Chain Valuation & Metrics - The author defends the valuation of Ethereum (ETH) and Solana (SOL), suggesting that their value underpins the potential of other chains [21] - The author argues that focusing on exchange-like profit margins for L1s misses the point of why people invest in them [9] - The author believes that even if new chains win, there's a perception that the contest is not worth winning because valuations are considered inflated [18] Industry Dynamics & Challenges - The author acknowledges the greed of various participants in the crypto market but argues that it's not a new phenomenon and doesn't invalidate the potential of the technology [12] - Crypto growth is more volatile than e-commerce due to its ties to macro forces and regulatory pressures [30] - The author suggests that the crypto industry's center of gravity has shifted from Silicon Valley to Wall Street, potentially impacting its understanding of exponential growth [29]