Big ideas, small use cases: Crypto’s execution gap

Key Points

1. Crypto's foundational ideas, like internet-native money, have seen limited adoption 15 years later, with most activity still speculative (e.g., memecoins dominating DEX volumes).

2. Ethereum's transaction fees have dropped significantly ($0.20 median fee vs. $13 a year ago), benefiting users but raising concerns for investors due to high P/E ratios (1,200x for ETH).

3. Financial engineering drives demand (e.g., digital asset treasuries and ETH ETFs), but this may be unsustainable, with $88.5 billion in DAT holdings attributed to such practices.

4. Hyperliquid leads in perpetual futures with 75% market share, though trader profitability trends downward, and Solana's token holder net income remains flat (390x P/E).

5. Bitcoin activity remains near long-term lows, and tokenized equities have failed to gain traction, averaging under $4 million daily volume on Solana.