Michael is an absolute beast - a seasoned, effective, hungry and ruthless visionary.
He built an online marketplace for yield before you bought your first CryptoKitty.
Now he has the tools to take the idea to its logical conclusion: the Internet Financial System of yield.
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This is a good piece on MetaDAO* and a good place to begin for anybody looking to get smart on the opportunity
*The bull case was light - we are eventually going to see hundreds of permissionless launches per month
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A neobank that owns the float (Ethena / USDe) can charge less than a neobank that doesn't own the float. This is a classic strategy we see in across all types of financial businesses.
You can only win this game with float and massive economies of scale.
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This company:
* Earned $366K of real revenue in August ($2.3M LTM / $4M L3M annualized)
* Growing at >200% CAGR
* Trades at $6M enterprise value
* Credible founder
But some of you don't like to invest in real companies.
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There is a lot of well-deserved skepticism around tokens right now.
I believe we are close to the end of the long token bear market. The conditions that made this long bear market inevitable are obvious in hindsight, and all of them are getting better.
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