Camilla (camillionaire)

Traditional markets have a liquidity crisis: - IPO market basically dead - M&A activity dried up - PE stuck holding $3T of aging assets - VC facing extended hold periods - Limited exit opportunities Meanwhile in crypto: - Multiple token events weekly - Constant liquidity opportunities - Regular public financing events - Active secondary markets - Continuous price discovery Traditional markets have constipated liquidity and unreasonable lockups while crypto markets is a perpetual motion machine. The tokenization of everything has only just begun.

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In 2025 we’ll see crypto VCs discover their true form through market cycle maturity: Seed rounds → Token rounds HODL → Active management Thesis → Trading signals Venture → Hedge The evolution was inevitable. The future is liquid.

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AI today is like a brilliant philosopher trapped in a room. Blockchain is like giving that philosopher a body and ability to actually affect the world. One thinks, one acts, both transform.

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The harsh truth about crypto metrics: (1) active wallets can be faked (2) social metrics can be botted (3) TVL can be manufactured So we started using 'developer activity' as the true north - actual humans building actual things. But here's where it gets interesting: As AI gets better at coding, 'dev community' becomes just as gameable as every other crypto metric. One person with the right AI stack could look like an entire dev community. The signal becomes noise. We replaced easily faked metrics with harder to fake metrics just in time for those to become easily faked too'. Consider: - One dev with AI = 10 devs - AI agents can commit code - Github activity becomes meaningless - 'Builder community' gets murky So the question becomes: what's our truth metric for protocol evaluation, when AI can simulate an entire ecosystem of builders? Fundamental investors be damned -- we'll have to find new ways to measure real impact in ways that can't be simulated.

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Still crazy to me that founders in crypto are not only required to be product visionaries and inspiring people managers, but also be capital markets experts and structure their TGE and choose market makers and navigate exchange listings. Imagine a pre-PMF seed stage founder having to structure their IPO without any support in their first 6mos. This is crypto.

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I’ve worked with nearly 40 founders in crypto over the last 6 years on creating and growing their brand. Very few of them understand what “marketing” even consists of, not to mention how powerful it is for growing their business. 🧵 ⬇️

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