Powerful chart.
I remember talking to a VC at this year's ETHCC who said the window to join the curation race would be closing soon (curation =/= new products within this category).
I think he was right, the space is accelerating fast, and it'll soon have to adapt to compliance rails too, which will raise costs for operators. Only a few parties have treasuries large enough to bear that.
Also my favorite line from this piece:
"From here I'd want to see NAV updated daily with attestations or proof of reserves behind it, curators keeping their own money in the vault, and independent guardians with the power to veto a curator."
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