@jacek-eth
If you’re building for a crypto-native audience and your main product is trading, you have to accept the uncomfortable truth: the TAM is tiny and you are not building a consumer app. You’re building for power users, and you’re competing with every other casino on the internet at the same time: Uniswap, pump.fun, OpenSea, Polymarket, the CEXes, all of it.
The reason these businesses still work is power laws. A handful of users drive most of the volume. Last month the top 0.2% of OpenSea users did half the volume, and the top 0.06% of Polymarket users did half the volume. That’s the game. The thing that should keep you up at night isn’t onboarding more users, it’s retaining your top accounts.
Which is also why defensibility is so weak. Power users are mercenary, incentives work, and a competitor can come out of nowhere and steal a meaningful chunk of your business by poaching a few whales. The only real moat is staying one step ahead and shipping fast.
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