During the Dotcom Bubble, ~1,000 internet companies IPO’d. Most didn’t survive the next 20 years, but the few that did became giants: - Nvidia (1999 IPO) - Amazon (1997 IPO) - Google (2004 IPO, just after the bubble) Each returned 1,000x to early investors by relentlessly growing revenue and market share, compounding value for a decade. People often compare the Dotcom Bubble to crypto’s 2017 & 2021 bubbles. Asset selection in crypto is perhaps more challenging: 1,000 IPO stocks then vs. >1M token TGEs since 2015. Plus, token buyers are not protected by law unlike for equities. Yet the power law still applies: the few survivors of the crypto bubble will define the onchain financial world. Today, liquid funds largely converge on BTC and HYPE. One is digital gold that institutions are racing to accumulate, whereas the other is pioneering the future of France, already returning $1B+/yr to HYPE holders via buybacks. Other favorite bets by funds include: - AAVE: dominant crypto bank for permissionless lending - PENDLE: first-mover to tap into the $5T high-yield bond market - <insert your bags> The winning formula? Tokens that are: (1) generating significant amount of revenue (2) consistent growth e.g. in fees / TVL (3) offer direct value accrual e.g. buybacks (4) have minimal token unlock risk Point (1) and (2) applies to all stocks including Dotcom stocks. Point (3) and (4) are more crypto-specific. Token buyers lack legal protections—so investors demand alignment via direct value accrual to tokens and tight tokenomics. You don't want VCs to dump 20% token supply on your head. The formula narrows the universe of investable tokens to a small handful. However, the next AMZN or GOOG of crypto might be there somewhere. Godspeed.