Heading to Token2049 in Singapore with @kdbisgreat, @mekeetuh, @Toma_Sadova and @0x_alexbear.
We are going to bring teams onto @Whitechain_io and to find partners where both sides actually bring something. If you are building with real users and thinking about where you deploy next, or you run a money market with a list of requirements before you would consider a new chain, that is the conversation we want.
Happy to talk about the L1 to L2 migration as well, it is messier than the diagrams suggest. But that is the icebreaker, not the agenda.
Ping me now. The floor is too chaotic to run into anyone by accident.
#TOKEN2049 #Whitechain
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$10.3 trillion, 3.6% of GDP a year, bigger than the railroads and electrification. That chart is a genuinely historic moment.
The thing I find most interesting about it is much smaller. Having an idea used to be worthless without a technical cofounder, and most ideas died at exactly that step.
Not anymore. We are seeing teams ship real products who would have been stuck a few years ago, and at Whitechain those are exactly the kinds of builders we love to see. The idea was always the hard part.
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A team I was chatting with this week built a product for gifting tokenized stocks. Nice idea, clean execution.
Turns out most users aren't gifting anything. They're minting boxes and opening them themselves. The gift mechanic became a slot machine, and the founder's read was blunt: the slot feel is addictive.
I keep seeing this. The loop people actually return for is rarely the one in the pitch. Aave is shipping a savings app rather than a lending protocol. Toss ran a payment cycle where the interesting part is that the user never learns a chain was involved. The winning consumer products right now are the ones where the crypto is load-bearing and invisible.
Which makes accidental retention worth more than the designed kind. If people come back for a reason you didn't plan, at least you know it's real.
The mistake is arguing with it. The behaviour you observe beats the behaviour you intended, every time.
@alitiknazoglu
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Exactly. Building something of your own, something big, is difficult, but at the same time, it’s an incredible process.
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Tokenization numbers are flying around this week, and almost none of them agree with each other.
@Dune's data makes the problem concrete: over $14bn of tokenized money market funds updated prices at least weekly through August and recorded no onchain trades at all. The price exists, the market doesn't. Those products redeem with the issuer.
Then there's the wrapper problem. The same stock gets tokenized four or five times by different platforms, each with its own symbol, and volume gets reported per wrapper rather than per company. Aggregate one way and every platform looks small. Aggregate the other and the platforms disappear.
So "tokenized" currently describes at least three different things: an asset that trades onchain, an asset that settles onchain but redeems offchain, and a receipt that updates a price nobody acts on. All three get counted together in the headline figure.
This is the same job analysts did for L2s a few years ago, and it took years to get the definitions right. Worth doing it earlier this time, because the category is being sized right now by people using whichever number is largest.Tokenization numbers are flying around this week, and almost none of them agree with each other.
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"delta neutral" and "hates olive oil" in the same list is the most specific trauma I've ever seen posted publicly
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If you've been meaning to talk to the team, this is the easy version. Approval-only means the room stays small - request early.
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The thing all three examples share isn't geography, it's that they brought their own users. Upbit, Toss and Mitsui didn't pick OP Stack to find distribution, they picked it to put the distribution they already had somewhere.
Which is also why this doesn't have to be an Asia story. Our own team is spread across several countries and it's never been the constraint - the stack travels, and so do the users.
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