Regan Bozman (General Partner at Lattice Capital) discusses the fundamental challenges of establishing defensible business moats and customer retention in crypto compared to traditional Web2 models.
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“So every growth assumption that web two businesses have used to grow is breaks in web three.”
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More from Regan Bozman
PredictionNot checkable as stated
Bozman: Failed Web2 marketplace models will succeed using programmable equity tokens
“This is kind of the first time a marketplace has been able to use equity. In this case, it's programmable equity. It's a token to incentivize supply side growth. And so I think there's a lot of marketplaces that haven't worked in a traditional paradigm that wi…”
Regan BozmanJul 7, 2022▶ 24:18Regan Bozman – Defensible Moats in Crypto at Lattice Capital (Manager Meetings, 34)
PredictionOpen · timeframe Jul 2027
Bozman: Crypto venture fund returns will drop 5x to 20x this cycle
“I tend to think if your framework for return expectations is based on funds in that last cycle, I think a lot of LPs are going to be disappointed. And I think there's a few things that drive that one is. Everything has been repriced five, 10, 20 X upwards sinc…”
Regan BozmanJul 7, 2022▶ 39:44Regan Bozman – Defensible Moats in Crypto at Lattice Capital (Manager Meetings, 34)
PredictionOpen · timeframe Jul 2027
Bozman: Compound's long-term market capitalization will significantly exceed $1.5 billion
“Compound right now, you can buy for about one or 1.5 billion on the open market. Long run, it's probably a lot more than that.”
Regan BozmanJul 7, 2022▶ 43:11Regan Bozman – Defensible Moats in Crypto at Lattice Capital (Manager Meetings, 34)
Insight
Bozman: Incremental open-source improvements lack defensibility against incumbent DeFi protocols
“And so generally our view is kind of, okay, well, like if this actually is an improvement, compound could just do this.”
Regan BozmanJul 7, 2022▶ 22:08Regan Bozman – Defensible Moats in Crypto at Lattice Capital (Manager Meetings, 34)
Opinion
Bozman: Much of DeFi has been Ponzi games offering unsustainable yields
“I think a lot of DeFi has kind of been these like Ponzi games where, you know, you have these really high yields and this tends to be kind of what gets press attention.”
Regan BozmanJul 7, 2022▶ 32:00Regan Bozman – Defensible Moats in Crypto at Lattice Capital (Manager Meetings, 34)
PredictionNot checkable as stated
Bozman: Stablecoin yield markets will be 1,000x larger than degen DeFi
“Hey, you can earn 15 to 20% yield on your dollar-denominated stablecoins. That's not gonna get retail crypto traders jumping out of bed, but, like, long term, I think that market is a thousand X bigger than it is for eGens.”
Regan BozmanJul 7, 2022▶ 35:49Regan Bozman – Defensible Moats in Crypto at Lattice Capital (Manager Meetings, 34)
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