Recent Posts
Social•Dec 21, 2025
Adoption Uncovers Hidden Overvaluation in Markets
Adoption exposes overvaluation
By Santiago Santos
Social•Dec 19, 2025
Adoption Reveals Overvaluation: The Adoption‑Price Paradox
Recorded this yesterday and wrote about it in more depth last night. Adoption comes and exposes overvaluation: adoption-price paradox https://t.co/KKAM8c9YWM
By Santiago Santos
Social•Dec 18, 2025
Adoption Grows While Crypto Prices Remain Stagnant
The Most Uncomfortable Phase of Crypto Has Begun When adoption rises but prices don’t https://t.co/NR4HTsU7As https://t.co/bKVgODsDvL
By Santiago Santos
Social•Dec 18, 2025
Crypto Hype Cycles Expose Predictable Patterns over Time
HYPE phase: crypto gives you unfair pattern recognition. After a few cycles, hype becomes obvious everywhere
By Santiago Santos
Social•Dec 18, 2025
Blockspace Supply Outpaces Demand; Users Drive Future
the L1 debate is over blockspace supply exceeds demand what matters now: users and recurring demand for blockspace
By Santiago Santos
Social•Dec 17, 2025
High APYs Mean Higher Risk: Know Your Yield Source
if you don’t know where the yield is coming from, you are the yield was true when DeFi was throwing around 1000%+ APYs, and it’s true now above-market returns = more risk. there's no such thing as a free lunch
By Santiago Santos
Social•Dec 16, 2025
Study Bitcoin Miners Before Buying GPU Farms
Everyone buying GPU farms should study Bitcoin miners vs Bitcoin returns
By Santiago Santos
Social•Dec 12, 2025
Crypto's Golden Age Ends, Opening Path to Maturity
The end of crypto’s “golden age” and why it’s a good thing https://t.co/s5V7dQjDLh
By Santiago Santos
Social•Dec 12, 2025
Detach Emotion, Embrace Flexibility in Trading Positions
Sat down with @jdorman81 to give additional thoughts on where I could be wrong on my L1 thesis, and what would make me change my mind on it. On this point, I've changed my mind many many times - and have...
By Santiago Santos
Social•Dec 12, 2025
DeFi's Evolution Validates 2021 Stablecoin Predictions, Accelerates Ahead
That time of the year I’m reflecting on the year and thinking about predictions for 2026 Before I do that, I like to revisit my prior predictions. Here’s an old episode (2021) I recorded with @aeyakovenko @ValidatedPod talking about stablecoins and...
By Santiago Santos
Social•Dec 10, 2025
Why Great Tech Still Fails to Drive On‑Chain Adoption
If the tech is that great, why don't we have more active users onchain? I went deep with @Austin_Federa on @ValidatedPod to discuss what's really holding back adoption... Give it a listen: https://t.co/duN1njLVFD
By Santiago Santos
Social•Dec 9, 2025
Crypto's Future Depends on Mass On‑Chain Adoption
crypto is better when there are a billion users on-chain Shame if we build all these incredible apps and no one shows up I used to think building the tech was enough that everyone would clearly see the benefits to sending and storing...
By Santiago Santos
Social•Dec 6, 2025
Crypto’s Hype Outpaces Real User Growth and Monetization
Most of you wouldn’t make it past the first-round interview at a major investment bank, let alone PE or a hedge fund. You punted some crypto in a bull market, made a bag, and now think you’re a genius. You were...
By Santiago Santos
Social•Dec 6, 2025
Crypto Needs Billions of Users to Hit $10T
A sober reminder of where we stand as an industry: - Crypto has ~40M monthly active users (MAUs) today - Facebook IPO’d with 845M MAUs at a ~$100B market cap - OpenAI has ~800M MAUs and was last valued at $500B We want a...
By Santiago Santos
Social•Dec 5, 2025
Inversion Rebuilds Legacy Firms on Ready Blockchain Infrastructure
“A new company called Inversion is emerging within this shift, acquiring traditional businesses and rebuilding their infrastructure on blockchain rails to create more transparent, programmable, and globally interoperable systems. Five years ago, the technology was not fully developed, regulatory frameworks...
By Santiago Santos
Social•Dec 5, 2025
Maximalism Hinders L1 Adaptability and True Valuation
I’m not “hating” on ETH (or other L1s). I just don’t like the valuation. Simple What I am calling out is the maximalism. Wild to be this closed-minded when we’re still so early No chain is perfect. The only thing that matters...
By Santiago Santos
Social•Dec 5, 2025
Ethereum Trades at 146× Amazon’s Revenue Multiple
Amazon is a network and arguably one of the most successful networks ever built. Which is why comparisons are uncomfortable: when you line Ethereum up next to real, scaled networks like Amazon or Facebook, the valuation gap becomes impossible to...
By Santiago Santos
Social•Dec 4, 2025
Can Ethereum Hit a $1 Trillion Market Cap?
Will ETH reach a $1T market cap this cycle?
By Santiago Santos
Social•Dec 4, 2025
ETH Buys Future Tax Claims, Not Underlying Assets
This is the most absurd analogy I’ve heard. When you buy ETH you’re not buying the buildings or businesses in that city which capture most of the value. You’re instead buying a claim on future tax revenue. And btw (checks...
By Santiago Santos
Social•Dec 4, 2025
App Layer Set to Capture Majority of Crypto Fees
To every DeFi, DePIN and crypto application founder, hang in there. The market clearly favors L1s but most fees are captured at the application layer - and increasingly so L1s capture 90% of market share and only 12% of fees (down...
By Santiago Santos
Social•Dec 4, 2025
Companies Capture More Crypto Value Than Layer‑1s
More value will be captured by companies using crypto than crypto layer 1s User aggregation theory prevails
By Santiago Santos