The Ledger
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Garg: DeFi protocols like Maker and Aave did not fail in 2022
“DeFi worked. DeFi didn't fail here. Maker is still going. Frax is still going. Ethereum is producing blocks. You can send money around using stable coins. You can still take money out of Aave. All the systems that are designed to be over collateralized and res…”
Magic Eden generates hundreds of millions in revenue run rate
“You look at something like Magic Eden on Solana, the run rate for that business is hundreds of millions of dollars a year. The GMV is billions and billions of dollars a year of assets being purchased, and that's on another new L-one in Solana.”
Ethereum developer counts remained flat despite 80 percent price drops
“The number of developers that are continuing to write code in Ethereum, despite prices being down 60 to 80%, it's flat. The number of full-time developers hasn't gone down. They're still writing code.”
Garg: Uniswap will try to capture end-user interface value
“So I think in the case of somebody like Uniswap, you're going to see them try to capture more end-user-facing value and try to own that interface.”
Crypto startups cannot rely on Facebook or Google for customer acquisition
“Many of the traditional customer acquisition channels you can't use like Facebook and Google don't make it easy to advertise crypto things. You just can't use those channels.”
Garg: Y Combinator companies will create $500B to $1T in value
“Like, look at Y Combinator. They were giving people 25 to 250,000 dollars, and out of that came Stripe and Airbnb. When you add up all those companies, I think they're probably going to end up creating five hundred billion to a trillion dollars of value.”