IN DEFENSE OF EXPONIENTALS

Summary from the TLDR Crypto newsletter

New blockchain launches like Monad face unprecedented hate instead of the historical indifference or enthusiasm, with critics applying P/E ratios and revenue multiples that represent abandoning exponential thinking for linear growth assumptions, capping crypto at 30 million DAUs and under 1% of M2. Amazon took 22 years to turn profitable after 10 years of stock chop, while critics called it a VC-subsidized charity, yet Ethereum is only 10 years old as crypto's center of gravity shifted from Silicon Valley's exponential mindset to Wall Street's linear regime focused on metrics like Solana's REV. Crypto transforms financial assets into open file formats, making everything 24/7, global, and interconnected, positioning blockchains to gobble up all finance with adoption, rendering current valuations cheap if you believe the exponential rather than applying traditional valuation frameworks to an industry still in its growth phase.