how to win the internet capital markets (icm) meta: with 1000s of app token launches, it’s going to get chaotic on solana — here are my quick running thoughts: –– first off, @believeapp is a great start and deserves credit for kicking off this meta. but it’s not truly icm (equity on-chain) — it’s more acm (attention capital markets): 1) no equity value — apps don’t have direct token integrations, and token holders don’t have claim to any revenue. it’s an attention token — and that’s fine! 2) attention = volumes = revenues [they're inherently incentivized to chase frothy narratives (like ai agents) to drive speculation] 3) >95% of apps will be from failed non-crypto founders looking for quick money — and that’s fine too, if they stick around and keep building in consumer crypto. i'm hoping all of them embed a solana wallet soon in their apps, or they’ll just suck liquidity. for investors (token buyers): you've to guess: how much attention can this app get? the best way –– try it out yourself and evaluate: – virality: does it have social/referral/token mechanics to go viral? – dev/founder: is the founder full-time or is this a side project? doesn’t matter who they are if they’re not committed. – are they shipping and iterating based on feedback, or just launched and now shilling the token? (if you can, talk to the founder before taking a sizeable position –– avoid any shiller's words) – crypto Integration: does the app actually use crypto, or is it a failed Web2 app trying to farm liquidity? – longevity: any platform play or retention mechanics that can make it last longer? – is the app live, or is it just a future launch? (most launches are bearish events — expectations usually outpace reality) what's ahead for internet capital markets: while believe is an early glimpse, if this meta sticks, it’ll evolve a lot. for instance: 1) launchpads will stay permissionless — but frontends will emerge to filter for quality. different frontends for different niches. protocol launchpads will compete (meteora dbc vs raydium Launchlab vs pump), but frontends will build moats via: – quality filters – integrations – embedded builder engines (e.g., vibe coding with @devfunpump) just like we have cex tiers, we’ll see tiers of frontend launchpads — ranked by user adoption and curation quality. 2) big opportunity for research firms and newsletters focused on liquid tokens (not alpha callers/shillers) –– think how it works in equity markets: –– independent research orgs (institutional and retail) will give tokens moody’s-style ratings, publishing proper research reports to help retail navigate. –– better research = better reputation = more influence. 3) someone will crack on-chain equity via an island jurisdiction (i.e owning tokens = owning equity of the app at the time of token launch itself) –– which @aeyakovenko pointed out as true internet capital markets. re: AI. it'll accelerate this meta a lot –– it's a huge tailwind and timing couldn't have been better. overall, love the focus on apps and consumers, combined with the speculation flywheel. i'll be doubling down on this meta –– and try my best to shape it. stay tuned. solana apps szn. attention capital markets. internet capital markets. send it.