Defensibility in web2 comes from proprietary data network effects. Each application is a walled garden, and a bigger user base translates into more utility vs. competitors. The social network with most data, content, users, etc. is more valuable.
Summary: If you assume the next 5 years of crypto venture funds produce blended 10x returns, then (based on recent investing volumes) these cohorts of token projects will need to produce an estimated $2T of market cap and over $800B of float would enter markets on a 5-10 year time horizon. This cannot be absorbed by retail; it will require... See more
-Many projects start centralized and then try to decentralize over time for yearn finance they started very decentralized. Need to be aware of "shadow networks" that develop with an organization, it doesn't mean there is a conspiracy but a natural psychological tendency to form networks.
And if nearly the entire audience who is playing the game is only there to make money, as soon as the earning possibilities go away so too does the audience, and then the game rapidly falls apart.