The killer use case for launching a token-only entity - accelerate your business with hundreds/thousands of co owners - link token to business without burning money on buybacks - create a moat with distributed ownership - continuous funding (fees + fluid capital stack)

appreciate the candor of @jessepollak here, it's not easy to build in public and be the face of something. I wanted to add my 2 cents about the direction of @base and the best ways to move forward. ultimately, base has done a good job of betting on builders and being a friendly place to build, and Jesse makes it clear they want to double down on trading, payments, and agents. builders are the core of everything, and i think this is the right direction, but it is lacking a key piece - fundamental incentive alignment. the creator coin / onchain social bet largely failed because it optimized for speculation and virality instead of real ownership and alignment. the more people use the core product (deploying coins) the less the coins are worth. the cycle was basically big person makes a coin, the coin pumps, and then they either deploy more coins or say it's just a tokenization not anything inherently valuable -> token nukes and people are upset. tokenization backed by nothing is fundamentally a memecoin, which is not bad, but when it is the only option, it is directly adverse to a "builder centric" ecosystem no matter what the underlying business is (tokenization, payments, agents, etc, the gap remains) builders drove the actual next wave (perps, predictions, stables, tokenization). for them, there are ways to get funding via base ecosystem and also they deploy coins easily via multiple venues, but once again, the incentives are broken. the coin primitives are disconnected from the underlying businesses builders are working on, thus the flywheel breaks and incentives remain massively misaligned for an ecosystem to thrive, it needs a way for builders to be incubated, raise money, be supported on the tech side, but also to issue tokens (decentralized capital formation) in an aligned manner that creates sticky TVL, sticky users, and a distribution moat. this is how the crypto flywheel works -> if you win, your holders win, and your holders can become key in you winning. base has fundamentally lacked this and therefore is almost entirely speculative capital trading but not able to hold and win, or buying tokenized real world assets. for base to go to the next level as a builder ecosystem, it needs a way for teams to fundamentally link tokens to businesses and create long term incentive alignment. base is winning on many categories and will continue to thrive imo, but solving for this gap would be a 0 to 1 moment. now’s the time to double down on primitives that actually create good incentives between builders and communities, which is exactly why we are building @umia_finance. Umia is a token-only primitive for builders to leverage all the best things about crypto (capital formation, permissionless raise, programability, decentralization) while giving their community and investors something that has fundamental value accrual built into the primitive. TLDR - continue investing into builders, but also support the innovation happening around capital formation and incentive alignment in futarchy land, so that the speculative assets being traded become bets on those builders. and we will be live on Base soon 🫡