Relative to some of the OGs lurking out there I’ve been involved in DeFi/crypto for a relatively brief amount of time, perhaps nearing 2 years. In that period, not only do I feel as though I aged 50 years thanks to the volatility of DeFi and the crypto markets more broadly, but I think I’ve seen it all. The degeneracy, the gambling, the leverage, the beautiful feeling of edge and the cope and seethe by counterparties on the way up, but also the crushing downswings, the liquidations, the acute schadenfreude and soulless rugs/exploits on the way down. Thats why I believe I am well-placed to put this traditional-financesque memo out on a crypto-currency which might speak to some of the fund managers out there but also the retail degens that are just looking to make it big. I hope to have the time to continue making a few more of these pieces as well as separate exploratory numerical analyses, as long as 1) crypto-alt markets remain interesting and more importantly 2) if I notice that (anglophone) Twitter is proportionally under-representing a specific project/play, as it has done with TON and its eco-system.