Problems To Solve

To mature into a new sector of crypto (consumer crypto apps), we need to address the following barriers to effective and ethical product market fit:

New Users Are Not Having Fun: We built a huge amount of rails and tooling for money management, but nothing interesting for people to do.
Crypto's Product-Market Fit (PMF) is Largely Speculation: The focus on speculative activities weakens the ecosystem's long-term value by having no use case or revenue to support the product after the initial Token Generation Event (TGE).
Crypto Products Have Massive Amounts of Hidden Risks: A self-sovereign individual must expect fair dealing if the industry is to appeal to retail consumers. Regulation is coming, and asymmetric information, negligent operations, and fraudulent activities need to be addressed and warned against.

Incentives are Working Against the Goals: The current incentive structures benefit sybil attackers or insiders, transferring large amounts of token supply to mercenary actors and allowing products with no authentic product market fit to fake adoption.
Sybil Attacks/Airdrop Farming: Bots and farming accounts capture airdrops intended for genuine users, but sell pressure is placed on the token immediately by these extractive parties. They don't act as good stewards of the token.
User Retention Drops Sharply After Rewards: Post-reward engagement plummets, reducing long-term user retention and leaving a dead product behind.
Hiring Crypto Natives is Difficult: A limited talent pool makes it hard to find skilled cryptonative workers, making it difficult to execute deliverables, even with well intentioned products. Hiring from outside the industry is challenging due to the specialized knowledge required.

Current Experience Drives People Away From Crypto: High barriers to entry, untrustworthy platforms, and misaligned incentives discourage new users from staying engaged. They get burned and don't return
Users are Getting Farmed: Genuine users rely on promises and opaque requirements that ultimately end in points or other forms of IOUs.
It’s Not Sustainable: Once the economic incentives run out, the incentive to participate runs out. It becomes a rush to the exit.
It’s Not Fun: The experience boils down to gambling, or banking. Gambling is only fun for the winners-and winners are few at a casino. (Nobody has fun at the bank.)

Last updated 11 months ago

To mature into a new sector of crypto (consumer crypto apps), we need to address the following barriers to effective and ethical product market fit:

New Users Are Not Having Fun: We built a huge amount of rails and tooling for money management, but nothing interesting for people to do.
Crypto's Product-Market Fit (PMF) is Largely Speculation: The focus on speculative activities weakens the ecosystem's long-term value by having no use case or revenue to support the product after the initial Token Generation Event (TGE).
Crypto Products Have Massive Amounts of Hidden Risks: A self-sovereign individual must expect fair dealing if the industry is to appeal to retail consumers. Regulation is coming, and asymmetric information, negligent operations, and fraudulent activities need to be addressed and warned against.

Incentives are Working Against the Goals: The current incentive structures benefit sybil attackers or insiders, transferring large amounts of token supply to mercenary actors and allowing products with no authentic product market fit to fake adoption.
Sybil Attacks/Airdrop Farming: Bots and farming accounts capture airdrops intended for genuine users, but sell pressure is placed on the token immediately by these extractive parties. They don't act as good stewards of the token.
User Retention Drops Sharply After Rewards: Post-reward engagement plummets, reducing long-term user retention and leaving a dead product behind.
Hiring Crypto Natives is Difficult: A limited talent pool makes it hard to find skilled cryptonative workers, making it difficult to execute deliverables, even with well intentioned products. Hiring from outside the industry is challenging due to the specialized knowledge required.

Current Experience Drives People Away From Crypto: High barriers to entry, untrustworthy platforms, and misaligned incentives discourage new users from staying engaged. They get burned and don't return
Users are Getting Farmed: Genuine users rely on promises and opaque requirements that ultimately end in points or other forms of IOUs.
It’s Not Sustainable: Once the economic incentives run out, the incentive to participate runs out. It becomes a rush to the exit.
It’s Not Fun: The experience boils down to gambling, or banking. Gambling is only fun for the winners-and winners are few at a casino. (Nobody has fun at the bank.)

Last updated 11 months ago