Sublime

First Round Capital’s PMF framework consists of four levels: nascent, developing, strong, extreme

1. Level one: Nascent product-market fit. Likely a pre-seed or seed-stage company. The goal in this stage is to find three to five customers with a problem worth solving, engage with them, deliver a solution, and validate that solution. [examples: Vanta, L

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Algorithmic stable coin is not very reliable because the assumption about the underlying volatility assets could break once in a while. Consider Long-Term Capital Management.

TradFi companies are trying to package together financial instruments other TradFi companies feel comfortable buying so that they don't have to hold crypto due to various regulatory complications.

Gives a brilliant and very cynical description of the Ponzi nature of yield farming in DeFi. Shed some light on how it is no so different from startups nowadays that keeps raising more money despite net negative return, as long as they have a grand narrative with a big promised profit at the end.