Onchain Investing

Hot take: Tokenized ETFs are boring. Until you can use them as collateral. Then borrow against them. Then build a strategy on top. Then use that strategy as collateral again. That’s when tokenization becomes #DeFi. #Invest

The biggest mistake in #RWA might be thinking tokenization is the product. It’s not. Tokenization is the infrastructure that allows financial assets to become programmable. The products come after. #DeFi

Imagine a tokenized portfolio that: → rebalances every quarter → lends idle capital → can be used as collateral → automatically compounds One token. An entire investment strategy underneath it. This is where DeFi gets interesting. #DeFi

TradFi built ETFs to package portfolios. DeFi can package something bigger: The assets + the allocation rules + the execution + the lending. Not just a portfolio. A programmable financial product. #DeFi #Crypto #Investing

I don’t value #DeFi tokens by market cap alone. I look at: → Protocol growth → Revenue growth → Token supply → Value accrual → Ability to capture future growth A great protocol doesn’t automatically mean a great token. #Investing #Crypto

I think we’re underestimating what happens when portfolios become tokens. A portfolio can become: Collateral. Liquidity. A lending asset. A composable primitive. The unit of finance could move from the asset to the portfolio. #DeFi #RWA

When I analyze a #DeFi token, I don’t start with the chart. I start with the protocol. Is usage growing? Are fees growing? Is the token capturing that growth? Is supply expanding or shrinking? Price comes last. #Investing

Why buy an ETF when you could buy a tokenized strategy? Quality. Momentum. $BTC. $Gold. Transparent rules. Automatic rebalancing. Onchain execution. The ETF was the first abstraction. #DeFi could create the next one.

The next #DeFi primitive might not be a token. It might be a portfolio. A token representing 100+ assets, automatically rebalanced every quarter and usable as collateral. That’s programmable #investing.

The best #DeFi investment isn’t necessarily the best protocol. It’s the protocol where: Protocol growth ↑ Economic activity ↑ Revenue ↑ Token value accrual ↑ If those four compound together, that’s where things get interesting. #Crypto

I don’t need #Bitcoin to outperform every year. I care about whether the thesis is stronger in 10, 20 or 30 years. That’s a completely different way of #investing. Short-term volatility becomes noise when the horizon is decades.

A #DeFi protocol can grow 10x and its token can still underperform. The question isn’t just: “How big can the protocol become?” It’s: “How much of that value can the token capture?” That’s how I think about $AAVE, $UNI, $PENDLE and others. #Investing

A $10B protocol with a token that captures zero economic value can be a worse investment than a $2B protocol with strong token value accrual. Market cap tells you what you’re paying. Value accrual tells you what you’re buying. #DeFi #Investing

The biggest mistake with Bitcoin is treating it like a stock. Stocks have cash flows. Bitcoin has a different thesis: monetary network adoption, scarcity and decentralization. Different asset. Different valuation framework. #Bitcoin

Bitcoin is one of the few assets I think makes more sense to analyze in decades rather than quarters. Fixed supply. Predictable issuance. No CEO. No roadmap promising the next catalyst. The thesis is simple: Adoption + scarcity + time. #Bitcoin

The boringest investments might become the most interesting assets in DeFi. Tokenized ETFs can be held, lent, borrowed against, rebalanced and composed into automated strategies. The asset doesn’t need to be exciting. The infrastructure is. #Crypto

@OndoFinance is tokenizing ETFs. But I think the real opportunity starts after tokenization. What happens when those ETFs become collateral, liquidity and building blocks for DeFi strategies? Tokenization is the beginning, not the end. #Investing #Crypto

Most investors don’t need more information. They need better systems. Rules-based portfolios, automatic rebalancing and long-term compounding could beat constantly trying to predict the market. #Investing #DeFi

Hot take: The future of ETFs isn’t necessarily better ETFs. It’s ETFs that can interact with financial protocols. Programmable portfolios > passive portfolios. #DeFi #Investing