There are basically three ways to build a $100M+ revenue consumer business in this industry: 1. Build a product that serves the highest LTV cohort (Sisyphus referenced below) 2. Build a product that onboards millions of new users or becomes the primary entry point (currently CEXs or onramps) 3. Build a product that benefits from extremely high tx activity but low tx value (currently NNA) The interesting thing is that I think if you've successfully positioned yourself within one category, it can actually be value destructive to try to enter a different category.
Hyperliquid did more than $400 billion of volume last month The top 100 accounts accounted for more than 70% of this volume. Top 1000 accounts were more than 90% Most people in crypto don’t trade that much. A very small group trades, a lot
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