Market Sentiment - The concept of "revenue meta" is considered unrealistic within the crypto community [1] - The term "dark pools" is also viewed as detached from reality [1] - Hyper rotation suggests a decline in speculative crypto trading [1] Token Valuation - Tokens lacking business value or tangible metrics are unlikely to be held for extended periods (longer than an hour) [1]

Market Trends - Stocks have been in a revenue-focused environment for an extended period [1]

Market Sentiment - The document suggests a reevaluation of the cryptocurrency $PUMP, indicating potential shifts in market sentiment [1] - The phrase "final boss of revenue meta" implies a peak or culmination point in revenue generation strategies within a specific sector, possibly gaming or cryptocurrency [1] General Observation - The question "which way western man?" suggests uncertainty or a critical juncture in decision-making or direction [1]

Investment Sentiment - The industry is observing an early-stage pitch deck mentioning "revenue meta," indicating potential optimism or interest in the company [1]

Market Efficiency & Revenue Focus - The market is trending towards efficiency, with revenue becoming a key metric for asset valuation [1] - Traditional allocators are increasingly focused on revenue when evaluating crypto protocols [1] - Economic fundamentals are becoming a driving factor in setting a base price for assets, moving away from purely speculative trading [5] Protocol Performance & Challenges - Out of approximately 300 Layer 1s and Layer 2s, only about 10 have a TVL exceeding $1 billion [1] - A similar number of protocols have a daily protocol fee exceeding $200 thousand [1] - Many protocols trade at price-to-sales ratios above 1000, indicating potential overvaluation [1] - Incentives to contribute code, talent, or resources to late-stage protocols are lacking compared to earlier projects [2] Niche Markets & Revenue Generation - Founders are focusing on niche, vertical markets with higher margins [3] - Maple Finance generates roughly the same monthly earnings as Aave, despite a significantly smaller loan book ($1.2 billion vs $16 billion), by focusing on corporate pools of capital and Bitcoin yield [3] - AethirCloud has generated approximately $9 million in fees on revenue of about $78 million by offering a distributed network of GPUs for specific use cases [4] Alternative Strategies & Revenue Examples - Some entities are focusing on generating revenue without tokenization [6] - AxiomExchange has generated nearly $140 million in revenue year-to-date [6] - Phantom has surpassed $394 million in cumulative fees [6] Market Divergence - The market is witnessing a divergence between the old crypto playbook and economically sound assets [7] - There's a shift away from perception games towards having a base case for asset valuation [7]

Crypto Industry's Past Misconceptions - The crypto industry spent its first 10 years focused on open-source code, assuming value capture would occur organically, which was largely true initially, creating a positive feedback loop [1] - The "fat protocol thesis" led to infrastructure development without clear monetization strategies or defensible moats, a problem the industry is now addressing [1] - Public goods funding, while providing infrastructure, inherently lacks financial incentives, unlike traditional open-source models that monetize through SaaS offerings [1] - The strategy of building infrastructure first and monetizing later, common in traditional tech, differs from the crypto industry's reliance on tokens with questionable value propositions [1] Understanding the Shift in Perspective - Individuals deeply involved in crypto between 2016 and 2023 were influenced by the idea that projects didn't necessarily need to generate revenue, making the current emphasis on profitability jarring [2]

Market Focus - The industry emphasizes forward growth as a key metric [1] - The discussion revolves around the sustainability of focusing on revenue [1] Revenue Strategy - The conversation questions the long-term viability of a revenue-centric approach [1] - The industry is debating whether prioritizing revenue is a short-sighted strategy [1]

Industry Trend - The financial industry is potentially on the verge of a significant shift due to the "revenue meta," which could disrupt traditional banking practices [1]