RT CoinDesk Podcast Network (@CoinDeskPodcast)🎧 Check out the latest episode of ‘BITCOIN SEASON 2: Why tokens don't work (except for Bitcoin)’ in partnership with @blockspacepod!Crypto builders thought that just by building public goods they could create sustainable businesses. “Turns out you actually have to make money” - @gwartygwartNOTES• https://t.co/cbzjVAHkf4 crossed hundreds of millions in revenue• Fat protocol thesis originated 2016-2017• iPhone example: $1,000 vs theoretical $10,000• Uniswap has fe ...

RT Gwart (@GwartyGwart)This is why, paradoxically, I’m almost sympathetic to people who cannot wrap their minds around the “revenue meta.” Not because these people are correct that it’s just a “meta”, they are very wrong and always have been, but because the first 10 years of crypto managed to completely nerdsnipe and indoctrinate so many in this industry into just writing open source code and assuming you’d capture value for ~reasons~ and the worst part was that it was *mainly true* for those 10 years, in ...

Does Hyperliquid fit in the ‘fat app’ or ‘fat protocol’ camp??? ...

这形成了一种特定的思维模式：Layre 1 公链将通过培育多元应用生态来增值，就像苹果应用商店或微 软 Windows 通过第三方软件创造价值一样。然而，根本性的误区却在于 —— 加密货币行业试图将金融 化强加于本不适用且难以创造真实价值的场景。 与互联网可将人类的既有需求（商业、社交、娱乐）数字化不同，加密货币企图将金融机制注入本不需 要或排斥金融化的场景。这一发展方向的预设前提是，从社交媒体到游戏再到身份管理，所有领域都能 通过上链与金融化获益。 可现实却截然不同： 代币化社交应用普遍未能获得主流采用，用户参与主要依赖代币激励而非产品价值； 游戏应用持续遭遇传统游戏社区抵制，玩家认为金融化机制会损害而非增强游戏体验； 涉及代币经济学的身份与声誉系统，始终未能展现出超越传统方案的显著优势。 这些问题并不能仅靠"我们尚处早期"来进行解释。它揭示了一个更深层的逻辑 —— 金融的本质是资源 配置工具，而非终极目的。将社交互动或娱乐活动金融化，实际上误解了金融在社会中的核心职能。 在上一篇文章中，我曾探讨过加密货币行业是如何逐渐偏离其最初愿景的 —— 过度重视基础设施创 新，却忽视了实现财务主权所需的基础货币属性。 ...