Initia remains an application’s final destination but the path to get there has changed.
Over the past months we've re-oriented the team's efforts towards building first-party applications (who could have guessed!).
These range from full-scale products to onchain social experiments to robotics and also include a few incubations that mix internal and external contributors.
Earlier in the year when the market we built for rapidly shrunk, we got CCd and continued down the wrong path. The ~ motion ~ needed to be restored. Now tenacity is up 100% and we have 8️⃣ in-development projects (all of which I expect to launch before EOY, starting with the first next week). Some of these will work and some might not and that's ok because we we will keep trying to win.
I still believe apps will look to vertically integrate and capture net new revenue through their own chains. It has never mattered less which chain your app is on due to rapidly improving onboarding experiences (see: fomo, polymarket, robinhood). Yet the sheer number of apps that could take advantage of the benefits of this approach has dwindled and many continue to reduce the components that live onchain which in turn reduces sequencer revenue.
The Initia infrastructure business remains active and continues to be improved upon (fiat onramps and fast deposits launch this month!) but the majority of our efforts lie in building out new business lines that can generate revenue, obtain users, and eventually graduate to initia’s infrastructure once they hit certain milestones or reach a certain scale.
All of these businesses will direct revenue to INIT and you can expect more updates on buybacks, emissions, branding, and product launches over the next weeks.
scaling and stacking,
zonathan