The Internet Capital Market Is Much Bigger Than We Think 🧠 In the last 18 months, we’ve been watching a completely new capital market emerge on the internet. And the scale is already way beyond what most people realize. Between 2024-2025, ICM platforms processed tens of billions in cumulative trading volume, with many earning $5-15M in annualized fees according to Blockworks Research. @MeteoraAG’s DLMM alone expanded @solana’s liquidity landscape from sub-$1B TVL to over $200B in cumulative trading volume, becoming one of the most efficient market-making systems in crypto. When I look at the numbers, I see something similar to early DeFi, but this time, liquidity is tied to attention. Tokens become interfaces for social belief, cultural energy, and early product experiments. And somehow, this feels more natural than the financialization we saw in 2020. I’ve developed a simple mental model: ICM is evolving through four layers = Early Formation → Community Launch → Market Infra → Capital Bridges. Each layer solves a pain point that Web2 and traditional markets have never solved. 1) Early Formation This is where most builders get stuck. #AI is lowering the cost of creation to almost zero, but the cost of distribution and early momentum is still high. @Bloom__Protocol fixed something fundamental, it creates a clean upstream source of projects by verifying real community belief before speculative trading starts. Bloom Missions + SBTs basically let supporters prove conviction in a way that later converts into liquid value. This is the part traditional accelerators never managed to build. 2) Community Launch Meteora created a turning point: Dynamic Bonding Curves + open liquidity programs. Now, anyone can launch a token with structured liquidity and real price discovery. Platforms like @trendsdotfun, @helpdotfun, @BagsApp, @icmdotrun have already powered hundreds of launches, often generating tens of millions in primary + secondary liquidity. We now see cultural IP like 索拉拉 (Suolala) mutate from a meme into a full internet-native micro-economy. This is when I realized attention itself is becoming a financial primitive. 3) Market Infra Once tokens exist, the challenge is survival. This is where Solana’s microstructure focus matters: predictable execution, fair settlement, and exchange-level throughput. And the ecosystem is filling in the rest: – @metaplex: structured, sniper-resistant token issuance – @MeteoraAG DLMM: adaptive liquidity that scales from $1M to $1B+ – @MetaDAOProject: futarchy-based governance with prediction-market decision making Together, launch → liquidity → governance is becoming a continuous circuit. 4) RWA and Capital Bridges This is the last piece and it’s already happening faster than expected. – BlackRock tokenizing funds – CME clearing SOL/XRP options – Western Union launching $USDPT on Solana for 100M+ users – Collaterize, Synthesys, and PreStocks bringing real estate, bonds, and pre-IPO equity onchain – Asia’s largest asset managers issuing tokenized MMFs on @solana – Visa/Mastercard expanding stablecoin settlement pilots For the first time, crypto-native capital formation has a bridge into real markets, not just narrative cycles. What does this actually mean? I’m convinced the Internet Capital Market is a new capital order forming in real time. Builders get a faster, fairer path than VC. Communities finally capture value instead of watching from the sidelines. Institutions get programmable, 24/7 capital markets with global reach. The next generation of companies launches directly into the Internet Capital Market.