Celestia is an index on crypto adoption In the early 2000's if you were bullish on internet adoption but had no way of knowing which web apps would win, one of the best ways to express that thesis would have been to buy cloud platforms which provide the raw computing resources for businesses to host web apps. This would have given you index-like exposure to the overall growth of the internet and its applications. Picks n shovels. And this would be lower risk than investing in apps directly since apps come and go, but every app needs infrastructure to operate. Most of all it would have been very lucrative trade as the top 3 cloud platforms now total over $3T in market cap. Fast forward to the 2020's and crypto adoption appears poised to enter an exponential phase. Regulatory clarity, institutional adoption, mature infrastructure, and improved UX all point towards dramatic growth for blockchain apps in the near future. But how can you express this thesis? In my opinion the answer is similar to what it was in the 2000's -- you want to own the providers of the raw computing resources that power crypto apps. In other words, you want to own decentralized compute providers like Celestia. As crypto adoption spikes, so too will the total demand transact onchain. All those transactions have to land on someone's blockspace and so the total demand for blockspace/decentralized compute will go vertical. There aren't many L1s positioned for this level of growth in blockspace demand, but Celestia is. Celestia's explicit goal is to scale blockspace production as much as possible to meet the future demand we believe is inevitably coming. So if you're bullish on crypto adoption, you ought to be bullish on Celestia. If you're not bullish on crypto adoption, well then why are you here?