Acquiring users is not enough to reach liquidity. You also need the right type of users, i.e. those who feel the problem most deeply and would put up with any amount of friction to engage with your network. When you acquire these users, activity outpaces adoption and the utility of the network grows. As a result, the network becomes significantly m... See more

We are likely entering a 2-4 year period where founders — Web3 founders in particular — will overshoot in their reliance on token incentives to drive their communities. Like Charlie Munger, they are right, but not fully right. We will learn a lot from their experiments and mistakes, but if you want your project to succeed, don’t forget the heart.

Whether they acknowledge it or not, tokenized communities are so focused on token price that they lose sight of why they were created to begin with--the shared values and interests, the intrinsic motivators, the glue that is left when all other bindings are stripped away.