the gist is that generally crypto is like an ouroboros - no external demand, any unicorn app has to depend on internal participants - launchpads as the best example of this. revenue numbers of launchpads (and i'm talking purely launchpads) are usually spiky but with no consistent growth over time because meme launches are an extremely crypto native thing that doesn't attract outside users perps on the other hand, can see increasing growth over time as more and more people (non crypto people) trade on the venue. same with stablecoin demand, payments, inference usage, etc. and that's what you have to long. stuff that trends up over time due to extraneous demand, that is not reliant on crypto liquidity growing larger over time defi falls into the former category, because "lending/borrowing tvl" is just such a crypto native metric that is wholly dependent on crypto native userbase growing which is just a foregone conclusion this era. same with other aspects like "bridging volume", or "dex volumes" etc. not to say they can't make money, i just believe that it is much more +EV to just have longs on the latter type of assets with hockey stick growth from external sources, just because it makes it so easy to hold