Layer Ones

“What happened in layer ones is that basically it became too obvious and all of a sudden all the fancy investors with lots of money figured it out and they started bidding up and taking all the value appreciation in the private markets pre-token launch. Right. …”

“Even when you launch these new layer ones, I think it's probably, I don't know, at least 12 months, probably before you see, like, higher quality applications coming out.”