I think there are two viable strategies for 100B+ outcomes in crypto: Since crypto is in the business of selling trust, you get there either: 1) build an extremely strong direct relationship with users and use story to back it up. The story can be rooted in tech, but it has to make people feel they can trust you. Eg: CEX, DEX, wallets 2) Or you become the best technical platform in the room and relentlessly educate the market so that people trust you first, then trust everything built on top of you as a result. Eg: L1s Over and over, we see the same pattern play out: the layer closest to the user tends to capture the most value. Unless you have some other massive advantage that lets you hold pricing power for a long time, value leaks upward. That is also one of the big lessons for us at Eigen. Living at the “bottom” of the stack, away from the end user, is powerful but brutally hard. If you do not own the relationship, you are always partly renting your trust from someone else. People in CT like to talk about decentralization. But under the hood, we are all competing to be the trust primitive users default to.