DeFi Long-Term Potential - DeFi 长期潜力不可低估，行业仍处于早期阶段，应以更宏大的视野看待 [1] - DeFi 领域可能出现极端的“幂律”结果，需要适应变化 [2] - 投资者常因大脑不擅长指数增长而低估 DeFi 的发展时间线 [1] Investment Strategies - 长期跑赢市场是可能的，但可能面临挑战 [1] - 理解对数曲线，指数增长和超乎想象的结果是可能发生的 [2] - 需要放眼长远，并愿意适应变化 [2]

RT a16z (@a16z)Most M&A doesn’t move the needle. The rare ones reshape industries.@balajis lays out the rulebook:1. Power law returns or bust2. 100x scale gap or it breaks your cap table3. Distribution leverage or it dies in integration"That’s why M doesn’t work, but A works." https://t.co/WQWBMPQn0v ...