For DeFi builders, payments are the entry point to a much larger financial system:
Payments → user growth → network effects → capital retention → liquidity → financing.
As the system evolves, so does the source of power: first distribution, then liquidity, and ultimately capital allocation.
The winners will be those with an edge difficult to commoditize - whether in regulation, distribution, risk management, user quality, institutional access, or product design.
Insights from
@Stanford Professor
@ruizhejia at the
@EASYResidency workshop.