Jason and Darryl introduce Tangent, a crypto fund, and discuss its growth and team.

Introduction to Tangent

Jason and Darryl discuss the formation of Tangent, their meeting, and decision to start the fund together.

Formation of Tangent

Jason and Darryl explain the concept of an evergreen fund and its alignment with their investment philosophy.

Tangent's Evergreen Fund Model

Jason and Darryl outline their investment thesis, focusing on 0 to 1 innovations, market for everything, and coordination networks.

Tangent's Investment Thesis

Jason and Darryl share success stories and discuss the complementary nature of trading and long-term investing in the crypto space.

Success Stories and Trading Strategy

Discussion on the importance of complementary skill sets and delineated rules in crypto fund management.

Complementary Skill Set in Crypto

Exploration of fundamental bets on Stacks, AKT, and Ron, emblematic of the 3 biggest verticals in crypto.

Long-Term Fundamental Bets

Insight into the decision-making process for buying Stacks, AKT, and Ron, based on the analysis of crypto's potential in AI, gaming, and coordination of resources.

Decision-Making Process for Crypto Investments

Discussion on the decision to invest in Stacks, based on the team's familiarity with the project and the Nakamoto upgrade.

Investment in Stacks

Explanation of the decision to invest in Akash, driven by the observation of organic growth and establishment of a relationship with the team.

Investment in Akash

Insight into the decision to invest in Ronin, driven by the belief in the potential of GameFi and the team's understanding of building a gaming ecosystem.

Investment in Ronin

Discussion on the value of distribution in crypto, with a focus on Ronin's distribution strategy and user reactivation.

Distribution Play in Crypto

Insight into the ETHBTC trade, including the rationale behind the trade and the impact of the ETH ETF approval.

ETHBTC Trade

Discussion on the evaluation of the ETH investment, considering market sentiment, rejection pricing, and option value.

Evaluation of ETH Investment

Exploration of skepticism towards ETH investment, considering the complexity of the tech bet and mainstream permeation.

ETH Investment Skepticism

Insight into the fundamental bet on Roebit, the challenges faced, and the conflict between fundamental investing and liquidity aspects.

Fundamental Bet on Roebit

Discussion on the philosophy of structuring the Tangent team and the importance of complementary skill sets and values.

Structuring the Tangent Team

Insight into the investment process at Tangent, including the focus on spot, trading, and venture timeframes.

Investment Process at Tangent

Exploration of the types of attributes sought in candidates for scaling the Tangent team and the importance of a strong independent view in crypto.

Scaling the Tangent Team

The importance of mid-trend investing and catching hockey stick growth in crypto and general investing.

Understanding Trends and Investing

The goal of venture investing, pre-positioning ahead of trends, and navigating timeframes in crypto investing.

Venture Investing and Navigating Timeframes

Recognizing different phases of the parabola in investing, and the importance of staying self-aware.

Recognizing Different Phases of the Parabola

Implementing a dot collection system for analysts to track progression and skill traits in the team.

Dot Collection System for Analysts

The significant impact of ETF on capital inflows and changing market sentiment in the crypto market.

ETF Implications for Crypto

Analysis of the Bitcoin market, consolidation range, and the need for positive development for a trending market.

Bitcoin Market Analysis

Understanding the implications of AO as an AI coin and its potential in the market landscape.

AO and AI Agent Meta

The process of becoming co-founders, building trust, and the importance of shared values.

Becoming Co-Founders

Handling disagreements, introducing the concept of vetoes, and making decisions in investing.

Disagreements and Decision-Making

Discussion about personal disagreements and bearish sentiment in the crypto market.

Disagreement and Bearish Sentiment

Importance of graceful exits in early investments and the negative impact of killing project prices during exits.

Graceful Exits in Investments

Discussion about a significant loss in crypto investments and the impact of holding GameFi tokens.

Biggest Loss in Crypto

Strategies for analysts to differentiate themselves, including being active on social media and exhibiting competitive spirit.

Differentiating as an Analyst

The importance of broadening knowledge outside of crypto and methods for continuous self-education.

Continuous Self-Education and Growth

- In early 2024, Solana broke $100 and was predicted to cool off, but Tangent had an aggressive view that it would reach $200.
- Tangent is an evergreen fund that invests across all stages of a crypto company's lifecycle.
- The fund started with a mentorship model, co-investing with founders of protocols, but later transitioned to a more casual relationship due to capital constraints.
- The evergreen fund model allows Tangent to support protocols and companies at every stage, from pre-seed to liquid markets, providing comprehensive support.

- The speaker discusses the challenges of venture funding in the crypto space, particularly with the focus on fair launch and low float opportunities.
- They emphasize the importance of employee-owned funds and the alignment of incentives in investing.
- They highlight three main categories of investments: 0 to 1 innovations, market for everything, and coordination networks.
- They also mention their involvement in NFT investments through a fund managed by an expert in the space.

- The speaker discusses their investment in MemeLand, a social community focused on coordinating around one coin
- They also mention their investment in Amino Chain, a blockchain coordinating biobanks
- They talk about their successful market calls, including their investment in Solana and other altcoins
- They highlight their ability to play both the long-term investment and trading games in the crypto market, and the importance of monitoring on-chain activities and user attention.

- The speaker discusses the strategy drift in crypto investing and the complementary skill set they have in their fund
- They give examples of successful bets on Stacks, AKT, and Ronin, based on their analysis of the gaming and AI verticals in crypto
- They also talk about their successful ETHBTC trade, which was initially doubted but turned out to be profitable
- The focus is on longer-term thesis-driven plays and the importance of distribution in the crypto market

- The speaker was initially skeptical about Bitcoin and Ethereum due to the confusion and complexity surrounding ETH
- They discuss their investment in Roebit, a gambling platform, which did not yield the expected returns due to lack of liquidity and market timing
- The team is structured to handle venture investments, lower time frame trading, and spot book management
- They hold investments for long periods, do not engage in short-term flipping, and re-evaluate their investments regularly to adapt to market narratives and opportunity costs.

- The speaker discusses their approach to managing spot and trading books, focusing on market narratives and opportunity costs
- They emphasize the importance of hiring a diverse team with complementary skills and values
- The team uses a quiz to identify individual strengths and weaknesses, creating a well-rounded team
- They also discuss the importance of post-mortems and principles in decision-making
- In terms of venture investments, they prioritize long-term relationships with founders and provide hands-on support
- They emphasize the importance of having a strong independent view and being malleable in one's perspective in the crypto industry.

- The ability to be malleable in your views and to spot trends early is crucial for successful investing
- The ETF is a significant factor in the current market cycle, attracting larger pools of capital and changing market sentiment
- Understanding the undercurrent of ETFs and reasoning from first principles is important for successful investing in the current market cycle

- In early 2024, Solana broke $100 and was predicted to cool off, but Tangent had an aggressive view that it would reach $200.
- Tangent is an evergreen fund that invests across all stages of a crypto company's lifecycle.
- The fund started with a mentorship model, co-investing with founders of protocols, but later transitioned to a more casual relationship due to capital constraints.
- The evergreen fund model allows Tangent to support protocols and companies at every stage, from pre-seed to liquid markets, providing comprehensive support.
- The speaker discusses the challenges of venture funding in the crypto space, particularly with the focus on fair launch and low float opportunities.
- They emphasize the importance of employee-owned funds and the alignment of incentives in investing.
- They highlight three main categories of investments: 0 to 1 innovations, market for everything, and coordination networks.
- They also mention their involvement in NFT investments through a fund managed by an expert in the space.
- The speaker discusses their investment in MemeLand, a social community focused on coordinating around one coin
- They also mention their investment in Amino Chain, a blockchain coordinating biobanks
- They talk about their successful market calls, including their investment in Solana and other altcoins
- They highlight their ability to play both the long-term investment and trading games in the crypto market, and the importance of monitoring on-chain activities and user attention.
- The speaker discusses the strategy drift in crypto investing and the complementary skill set they have in their fund
- They give examples of successful bets on Stacks, AKT, and Ronin, based on their analysis of the gaming and AI verticals in crypto
- They also talk about their successful ETHBTC trade, which was initially doubted but turned out to be profitable
- The focus is on longer-term thesis-driven plays and the importance of distribution in the crypto market
- The speaker was initially skeptical about Bitcoin and Ethereum due to the confusion and complexity surrounding ETH
- They discuss their investment in Roebit, a gambling platform, which did not yield the expected returns due to lack of liquidity and market timing
- The team is structured to handle venture investments, lower time frame trading, and spot book management
- They hold investments for long periods, do not engage in short-term flipping, and re-evaluate their investments regularly to adapt to market narratives and opportunity costs.
- The speaker discusses their approach to managing spot and trading books, focusing on market narratives and opportunity costs
- They emphasize the importance of hiring a diverse team with complementary skills and values
- The team uses a quiz to identify individual strengths and weaknesses, creating a well-rounded team
- They also discuss the importance of post-mortems and principles in decision-making
- In terms of venture investments, they prioritize long-term relationships with founders and provide hands-on support
- They emphasize the importance of having a strong independent view and being malleable in one's perspective in the crypto industry.
- The ability to be malleable in your views and to spot trends early is crucial for successful investing
- The ETF is a significant factor in the current market cycle, attracting larger pools of capital and changing market sentiment
- Understanding the undercurrent of ETFs and reasoning from first principles is important for successful investing in the current market cycle"""

- The speaker emphasizes the importance of reasoning from first principles and not blindly following market trends
- They discuss the current view on Bitcoin, predicting a wide chopping range and the need for a positive development to enter a trending phase
- They also mention their early investment in Arweave and the potential of the new L1 technology, AO, for AI agents
- The speaker expresses the need for a fair launch and the market's preference for fully circulated tokens without aggressive investor or team unlocks

- The speaker believes that AO can capture a part of the AI market and be a market leader for both mind share and price appreciation
- They believe that AO can provide a fresh idea in the AI landscape
- The speaker and their co-founder decided to work together based on trust, shared values, and complementary skill sets
- They recommend taking time to get to know a potential co-founder before committing to working together
- The biggest disagreements between the speaker and their co-founder are related to investment positions and book net, but they have no major disagreements on principles or ethics.

- The speaker introduces the concept of vetoes in their decision-making process
- They discuss their different approaches to investing, with one being more bearish and the other more bullish
- They share a personal story of losing a significant amount of money on GameFi tokens
- They outline the qualities they look for in analysts, including independence, competitive spirit, and founder referrals
- They emphasize the importance of being active in the crypto community and systematizing luck in investment decisions

- The speaker emphasizes the importance of having a social presence in the crypto investing landscape to get noticed.
- They discuss the importance of continuous education and growth outside of crypto, such as listening to long-form podcasts and investing in funds unrelated to crypto.
- The speaker also mentions internal knowledge sessions where the team shares unusual experiences and engages in left-field conversations to keep their brains fresh.

- Emphasis on reasoning from first principles and avoiding blindly following market trends
- Predictions for Bitcoin's future and potential of new L1 technology, AO, for AI agents
- Importance of fair launch and fully circulated tokens in the market
- Belief in AO's potential to capture part of the AI market and provide a fresh idea
- Importance of trust and shared values in co-founder relationships
- Different investment approaches and personal story of losing money on GameFi tokens
- Qualities sought in analysts and importance of being active in the crypto community
- Emphasis on continuous education and growth outside of crypto and internal knowledge sharing sessions.

Welcome to 'On a Tangent' episode 1 , a special segment of Blockcrunch!

Jason and Darryl, the co-founders of prop crypto fund Tangent, sit down to discuss:

- How Tangent began
- Tangent’s investment strategies that led to top percentile returns since inception 
- Biggest wins and losses
- Trading vs venture investing
- How to succeed as an Analyst

And much, much more

Host: Jason Choi @mrjasonchoi . Not financial advice.
--
Timestamps:
(00:00) Introduction
(01:19) What is Tangent Ventures?
(08:22) What is an ‘evergreen fund’
(10:09) Angel, Venture, LP, and Liquid investing 
(10:00) Employee-owned
(13:59) Crypto investment categories
(16:00) NFT investing strategy 
(18:30) Coordination networks 
(21:02) Tangent’s thesis categorization 
(21:54) Tangent’s big wins
(27:10) Trading vs venture execution 
(29:49) Stacks: Bitcoin L2 & Ronin: Web3 Gaming
(35:38) ETH/BTC
(40:46) Investing mistakes 
(47:15) Investment process & team structure
(1:03:03) ETH ETF implications
(1:10:15) BTC thesis 
(1:14:19) Arweave thesis
(1:21:20) Q&A
(1:31:34) Darryl’s biggest lose in crypto
(1:33:27) Succeeding as an Analyst 
(1:38:20) Continuing to learn 
(1:43:12) Outro
--
Twitter accounts:
Jason Choi’s Twitter:
https://twitter.com/mrjasonchoi

Darryl Wang's Twitter:
https://x.com/0xWangarian

Blockcrunch Twitter:
https://twitter.com/theBlockcrunch
--
Blockcrunch VIP:
 https://blockcrunch.substack.com/
--
Disclaimer:
The Blockcrunch Podcast (“Blockcrunch”) is an educational resource intended for informational purposes only. Blockcrunch produces a weekly podcast and newsletter that routinely covers projects in Web 3 and may discuss assets that the host or its guests have financial exposure to. Views held by Blockcrunch’s guests are their own. None of Blockcrunch, its registered entity or any of its affiliated personnel are licensed to provide any type of financial advice, and nothing on Blockcrunch’s podcast, newsletter, website and social media should be construed as financial advice. Blockcrunch also receives compensation from its sponsor; sponsorship messages do not constitute financial advice or endorsement.
Full disclaimer:  https://blockcrunch.substack.com/about

It's a bit less but the risk is a lot less as well.

And so if you can nail these 2 aspects down, you typically will do pretty well in almost any environment whether PVP, PVE, you do okay.

So I think those are the 2 main, most important things.

And those are the 2 things that we look out for in prospective analysts most as

And if you really think about it in crypto or in general investing, it's, at least in kind of early stage, high risk, high variance type of investing, not talking about the deep value type of investing, it's all about catching hockey stick growth, catching parabolas.

And I think different styles of investing would put you in different phases of that parabola.

So as a venture investor, your goal is to get in even before people realize there is a hockey stick happening.

So you're trying to pre-position years ahead of time of the next big trends.

So if you're investing in D-PIN like 3 years ago, or if you're investing in social fi you know years ago then I would consider that you know good venture investing probably first is if you're chasing crypto AI now I'm not so sure if that's that's like I think that's confusing time frames so for me 1 of the biggest rules is your ability to navigate timeframes well is very, very important for crypto, just because VCs and traders, they're investing in the same asset because the time to liquidity is months.

And I think that was actually 1 of the reasons maybe that we messed up with the robot thing which because Some confusion around timeframes as well So for us as a team we want to find people who can navigate timeframes Well and are self aware enough to know where they're good at So I think my edge for instance is in pre positioning years ahead of time So I run away from trends If I see everybody hyping up crypto AI, I'm not going to do a crypto AI deal.

I think your skill is kind of navigating the parabola as it's happening.

As the trend is happening, and then we find some people on the team who are good at maybe early phases of the parabola.

So they start to see some sign of breakout.

Maybe they see user numbers spiking up on certain applications, but the price not moving.

So they see some discrepancy and they get early.

And some people on our team are very good at the last part of the parabola, which is when things get the most euphoric but also the most liquid.

So they are kind of very plugged into the information flow.

So being able to kind of navigate this entire line, I really think is the whole game of investing.

But the more important thing is the ability to recognize which part of the line you live on and just stay there.

So in order to make our team be very self-aware of this, we also have a dot collection system.

Basically every pitch, We have like 30 different criteria that we rate each of our analysts on.

Just for me and Darryl, just to make sure that, okay, it seems like this person is good at logical thinking and, you know, understanding secondary effects, but maybe they're not so good at market timing.

So over time, we're able to kind of plot these personality or skill traits of our team as well, which I think our team quite enjoys because it helps them grow faster as well.

Because I think 1 of the big things with My first job as a consultant was these kind of 360 reviews at the end of the year.

Basically once a year, you got some feedback from your manager, they give you a bunch of bullshit about, oh, you're a hard worker, but you're not that blah, blah, blah, blah, blah.

So we wanna make sure that if you're serious about being a world-class investor and you come to work with us, we have systems in place to make sure you track your progression.

And we're very, very specific in terms of what we think you can work on.

Yeah, so that's a little bit about what the tangent process is like.

So for the second part of this, I know a lot of you guys are probably tuning in to hear some sort of alpha or market views.

So some of the things that you guys have asked us about, I've listed here, so we're gonna discuss that 1 by 1.

So what are your thoughts on the ETH ETF just in general?

Well, okay, I think taking a step back from the ETF, I think just comparing like the the biggest difference between the last cycle and this cycle is undoubtedly the ETF, right?

That is the number 1 unlocker to significantly larger pools of capital and it's the ultimate answer for who is your marginal buyer right who is your marginal buyer for BDC at 60k and the answer is sovereign wealth funds the answer is potentially companies the answer is potentially huge trade fire institutions right If we had that last cycle maybe we wouldn't have topped that 69k, right?

But now that we have it, where can we go?

So I think this is undoubtedly the most important thing, this cycle to have happened so far.

And it's interesting because I think at a very low level, it's pretty obvious, right?

Oh, ETF means more money come in, means number go up.

But I think when people are consistently re-underwriting where you are in the cycle, people are consistently asking, who is the marginal buyer?

Now that the BDC ETF has sort of matured to a stage where you really don't know whether tomorrow is going to have a positive or negative flow.

When there's an absence for reason too long and you see the inflows come out at 300 million, 500 million, that is, I think, 1 of the biggest positive impacts of the ETF this cycle, right?

Because it plays a profound role in changing sentiment as well.

Because if there was no ETF and we were ranging between 60 to 70k for 3 months I think most of you will get pretty jittery.

I still think most people on CT are pretty jittery, right?

Because they're consistently asking, alright, it seems like the flows are pretty much exhausted, who is your marginal buyer?

There's no marginal buyer, it's time to go back to the shadowlands, bear market again, yadda yadda.

But when, if you look at the broader, I guess, system or cycle, what is the reason to buy BDC now?

So all the catalysts that you would pre-position for are already over.

And the answer is really because you just have had that lifeblood connected to you, to the largest pool of capital in the world, that if by our estimates it's not even 10% allocated yet, there's really no reason to defo- to I guess sway from a net long bias in order to capture these flows.

And so I think the ETF is enough to be the tipping point to skew you long in situations where you would typically be neutral or maybe even short.

I think that's the biggest difference to the mindset and the psychology of the market now.

And this extends from BDC and now we're going to see, I guess in the next couple of months, what it does for ETH as well.

But if we're right and consistently more and more people submit and embrace crypto from the real world, there is really no reason why you should be bearish because even on days where you have 100 or 200 million dollar outflows, you note that the rising tide ultimately brings us back.

very befitting of your green candle behind you.

So I think this is an interesting point about studying history as well, because, So we talked a lot about studying history and distilling it into principles, but there's also a limit to how much you can just reason by analogy and hey, this happened in last cycle, so it's gonna happen this cycle.

So that's why we always encourage our people to think from first principles as well.

And 1 of the kind of main difference, like you mentioned, is this undercurrent of ETFs.

Because if you reason from analogy alone last time we had a Bitcoin futures ETF that was the top of the market and last time the bull market happened after the halving as well so if you just reason from analogy then there is a you know there's a risk that you completely misinterpret this entire cycle.

So I think this is something you're quite good at in terms of like reasoning from first principles and making sure you're not just blindly superimposing charts over each other.

So how do you navigate thinking from first principles, but also balancing learning from successes and losses of the past cycle?

So I think thinking of the first principles is definitely the most important thing because usually from that you'd be able to develop viewpoints that the market may not agree with.

And The market is a pretty good reflection of what herd mentality is and oftentimes herd mentality is wrong And so this is how you're able to take control and viewpoints that may or may not be off in your designated time frame So That being said I don't have a lot of experience in crypto relative to a lot of the OGs out there.

And a lot of the time, I understand how crowd psychology or investor psychology repeats.

And so we typically try and find ways in which the setups are very similar, meaning markets have been conditioned to do certain things in the past.

And that's why it's likely that it's going to repeat in the future but it's definitely I would say this is 1 of the more challenging aspects of being a PM and trying to decide okay our markets going to diverge from history or are the markets going to follow history?

Because if you can answer that question with 100% accuracy, you'll be the best investor in the world by far.

So, but it's something that we strive to do on a day-to-day basis.

And I guess bringing it down to specifics, I think a lot of people are interested in our views on Bitcoin and we talked about the the chop framework a little bit as well.

So yeah what is our current view on Bitcoin?

Why don't you answer that given that this chop framework

So my view is that anything between $56, 000 and $71, 000 is noise.

So I think the market is just in a wide, wide chopping range.

And every time we've tried to break through of $71, 000, we might break through it today, to be honest.

We've already broken through 3 of it so it might be irrelevant.

So technically the point is 73 and I'll just keep adjusting it upwards to fit my bias.

But my whole point is that there is a big consolidation range for Bitcoin and unless we get some sort of positive development Most likely in the form of some sort of political catalyst Towards the end of the year then we enter trending again, but I have no conviction on what the timing is I'm really just basing off basing decisions off of what the price is telling me.

And a few kind of reasons why I think we are in some sort of a wide chop range is threefold.

So number 1, if you look at equities, they are no longer just up only.

So that's usually quite high correlation with Bitcoin as well.

So obviously that's lower timeframes, a little conviction on that.

Number 2 is actually stable coin inflows.

So if you track USDC and USDT, we've pretty much been in a straight lineup since like Q3, Q4, 2023 that's finally started to stagnate.

So it means inflows at least from crypto native inflows for USDT, USDC is slowing down a bit.

So obviously you could say that that might be offset by the ETF inflows in the Bitcoin.

And I think number 3 also is that a lot of this ETF flows is probably priced in at the moment, unless we get surprising inflows to the upside, which is why I think we need another additional catalyst, probably in the form of favorable political conditions, which we are starting to maybe get.

But until this kind of range of 56 to this 70, the low 70s break, I'm not very, very convinced that we get, you know, any type of euphoric bull alt market especially for ETH so I think just to extend the view to ETH as well I think part 1 of the repositioning trade is done right where all the crypto natives are repositioned which you correctly called but the second part of that I think really depends on actual flows coming in so that depends on the S1 being approved so I think from now to then ETH price action is also a distraction of noise but that that's my personal view I know we have some internal disagreements about that sometimes.

This is why you have the red background and I have the green background.

Yeah, so We've gone back and forth on this a number of times, and the compromise is the invalidation.

I think at 73k, if we do break above 73k, Jason will be forced to submit, And we are able to flip fully long once again, which I think, I mean, we've sort of sat in a three-month range for a bit.

I think if we do have a proper breakout, you're probably not going to be able to buy 73 or 74k if we break out properly it's going to be probably straight to 76 or 77 and then you know next order of business is trying to touch 90 I think So I would definitely prefer that as opposed to continuing in this range For a while, but let's see right now It really feels like especially with you know, the last yesterday's 800000000 dollar BTC inflow it really feels like the ball is in trap fires caught.

And now another thing that people want to know about is talk about 1 of our bigger positions.

So without kind of giving away everything, I think 1 thing we can talk about is probably Arweave.

So we were quite early to the Arweave train.

So let me kind of give a backstory there.

When we looked into storage networks, I think in 2023, it was by far to me very, very clear that Filecoin was the winner in terms of the capacity, the supply, all the metrics.

And to me, Arweave has a very niche proposition.

They were asking people to pay multiples on top of what you would pay for any other storage solutions.

But the trade-off there is you're paying upfront for the cost of perpetual storage.

But when you really think about it, in terms of a consumer use case perspective, I couldn't think of anyone who wants to store something online forever, besides maybe French use cases like human rights lawyers and so on.

But then something changed when this AO thing got launched.

So we're not going to talk about AO specifically.

We did an episode with the founder of Arweave, Sam, about AO.

So we dive really deep into the tech there.

But in terms of AO, so this is new L1 that is kind of developed by the Arweave team.

And they just had a very interesting update as well.

Do you want to talk a little bit about that update about this fair launch?

Yes, so Jason handles the fundamental implications of how exciting AO is as tech, as new technology.

I handle AO in terms of what it means for our bottom line and how do we make money from it.

So I think AO is very interesting right now because number 1, it is a L1 that allows for AI agents to work on chain.

I think not many, if not any, blockchains currently offer that alternative.

So immediately it can start being categorized as a potential candidate for the AI agent meta.

And I believe there are not many high quality candidates out there today.

Number 2, this complete fair launch by the team.

Well, it's not a real fair launch in the sense that you have a lot of AR token holders that basically get free AOR tokens.

We'll actually find out later today the exact details of that conversion.

But as far as it gets, this is about as good a launch from a VC backed team as you can get.

It does not get better than 100% going to or rather a 0% allocation for investors and 0% in allocation for a team right that's basically what it is.

So now this I think works very well with the existing dynamic of the crowd or the market being unhappy with high FDV tokens simply because I think The dynamic there is pretty well understood by the market.

You know, you have new tokens, even if very exciting.

You have huge inflation and emission concerns somewhere down the road.

And so, You know, people have gravitated towards meme coins, I think, in large because of the fact that they are 100% fair launched and fully circulated.

So I think AO can capture a part of that matter as well as an AI coin or an AI leader that doesn't have that aggressive investor unlocks or team unlocks.

See all The Blockcrunch Podcast with Jason Choi transcripts on Youtube

On a Tangent #1: How We 4x'd Our Fund in the First Year - Darryl Wang and Jason Choi