FIRST PRINCIPLES - COMPOUNDERS, L1S, IR, BUYBACKS

Summary from the TLDR Crypto newsletter

Crypto has a chronic issue with short-termism, and builders should instead focus on “compounders”—long-term, revenue-generating assets like Jito ($900M annualized) and Uniswap ($700M)—by fostering high-integrity leadership and products with clear profitability paths to counter memecoin fatigue. Similarly, generalized layer 1s are failing, while those in specific verticals (e.g., Hyperliquid's perp trading) drive ecosystem demand. Liquid token projects should adopt investment relations (IR) roles and quarterly reports to build investor trust while dismissing buybacks in favor of reinvestment in growth.