Opinion
Forman: Decentralized crypto index products have limited product-market fit
“And I think if you think about that category today, it's grown quite a bit, but it still has, I would say, limited product market fit.”
Insight
Forman: Crypto index demand is low because investors seek 100x upside
“There hasn't been as much demand for people that want to buy index funds in crypto. People want to pick tokens and catch the next a hundred X.”
Insight
Forman: Crypto insurance struggles because capital is risk-seeking, not risk-mitigating
“Most of the capital in crypto today, it has been more risk seeking rather than focused on risk mitigation. So insurance is still kind of finding its legs.”
Insight
Forman: Crypto assets correlate in downturns but diverge over long horizons
“I think what we've seen is in crypto, when the market trades down, everything trades down. And then when the market trades up, things tend to kind of diverge. So over short periods of time, you tend to have a lot of convergence or correlation. But over long pe…”
Insight
Forman: Quoted DeFi Yield Farm APRs Often Mask Illiquidity and Lockup Risks
“When you really dig into these stated returns in yield farms, one, there isn't always the right disclosure around the risks that you're taking, but also a lot of time the return is coming in the form of a token that may not have liquidity, and there may be loc…”
Insight
Forman: Price is rarely a leading indicator of fundamental progress in crypto
“Price is rarely like a leading indicator for fundamental progress and traction.”
Assertion Supported
Forman: Blockchains Account for 50 Basis Points of Global Assets
“Blockchains are three trillion dollar asset class. Total assets globally are 600 trillion. So it's 50 bips of global assets.”
Assertion Partly supported
Forman: 70% of All Bitcoin Has Not Moved On-Chain in a Year
“And 70% of all Bitcoin Has not moved on chain in the past year.”
Assertion Contradicted
Forman: Memecoins Make Up 5% of Total Crypto Market Capitalization
“So today meme coins are five percent of total crypto market cap.”
Assertion Partly supported
Forman: Stablecoin Supply and Wallets Grew 40% to 60% Annually Over Five Years
“The number of wallets sending and receiving these and the number of stable coins outstanding have both been compounding at 40 to 60% per year for the past five years.”
Assertion Supported
Forman: Tokenized Gold Market Capitalization Has Reached $1.5 Billion
“Tokenized gold is now billion and a half dollar market.”
Assertion Supported
Forman: Polymarket Facilitated Nearly $3 Billion on 2024 Presidential Election
“So Polymarket, which is built on a blockchain, facilitated, I think, close to three billion dollars on the U.S. Presidential election.”
Assertion Partly supported
Forman: Polymarket Drives $500M to $1B Monthly Volume Across 75K Wallets
“So one is Polymarket is doing about, call it, five hundred million to a billion dollars a month of volume across its markets. And this is across roughly 50 to 75,000 active wallets.”
Assertion Supported
Forman: Aave Has Almost $30 Billion Deposited and $10 Billion Borrowed
“Aave, as an example, now has close to thirty billion dollars of capital deposited in its platform and single digit billions, maybe perhaps over ten billion today now borrowed.”
Insight
Forman: Financial markets are the world's greatest game-theoretic experiment
“What I came to realize was there was no greater game theoretic experiment in the world than financial markets. It was the most complex and there was also the most on the line.”
Assertion Supported
Forman: Uniswap has surpassed one trillion dollars in lifetime trading volume
“Uniswap, for example, just passed one trillion dollars of trading volume since inception. It launched a few years ago.”
Assertion Supported
Forman: Crypto Represents Roughly 20 Basis Points of Global Assets
“Crypto today is about 20 basis points of all global assets. So it's a trillion and a half asset class. Global assets are roughly 600 trillion.”
Assertion Supported
Forman: Fiat-Backed Stablecoins Account for About 75% of Stablecoin Market
“So of the two hundred billion, about a hundred and fifty billion are fiat backed stable coins. The largest one is Tether. The second largest one is USDC, and then there are longer tail of others.”
Assertion Partly supported
Forman: Nexus Mutual holds $400M capital pool with $20M annual premiums
“Within Nexus Mutual, there's this capital pool that pays out claims. There's roughly four hundred million dollars in the capital pool. There's roughly twenty million a year of annualized premiums being paid in”
Assertion Partly supported
Forman: MakerDAO pays roughly $40M annually across 50 core units
“So a network like MakerDAO has something on the order of 50 different core units that are each responsible for the finance and accounting of the DAO,
The growth marketing strategy of the Dow, the core engineering services, and they all have to apply to the Dow…”
Assertion Supported
Forman: Roughly 2,000 crypto funds manage $50B to $75B globally
“Today, there are roughly 2000 Crypto native funds globally that collectively represent, call it, 50 to seventy-five billion of capital.”
Assertion Supported
Forman: Total crypto market cap was around $10 billion in 2016
“The entire crypto market cap was maybe ten billion, so less than one 100th of the size that it is today.”
