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The market cap of the protocol always grows faster than the combined value of the applications built on top of it.
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This time around, the protocols are fat and the applications are thin.
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Shared, open data is what changes the game. It lowers the barriers to competition at the app layer and pushes value down to the protocol.
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We decided to build a venture firm around tokens instead of a hedge fund, because we wanted to be long-term owners of these networks.
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You have to be willing to look wrong for a long time in this market. Conviction without patience is worthless in crypto.