Iaguara's Thesis

• Blockchain is the most disruptive technology since the internet, having unparalleled potential of growth with tokens as a new form of capital formation

Briefing: Why we’re in this industry

We picked this industry because cryptocurrencies and blockchain technology offer users the potential to control their data (ownership), identity, and access, while providing more efficient, cost-saving, and secure applications. We believe that the growth and development of this trustless and permissionless tech is in the parabola phase of development, with more and more applications being built every day. This tech has numerous advantages that surpass existing solutions, such as the establishment of decentralized large scale infrastructure, lower costs to transact, near-instant settlements and open circuit governance. We’re identifying new features like account abstraction, modular blockchains, zero-knowledge proofs, and decentralized infrastructure networks that are providing improved user experience. These innovations are driving increased adoption and usage, with technological development, industry talent, and capital inflows remaining strong, making a case for sustained growth. 

How we invest

FUND 01: Iaguara Blockchain Fund:

Objective: seek a diversified portfolio of high-quality tokens

Strategy: actively-managed, discretionary, long-bias, fundamental, quantitative overlay

Launch: TBA

Structure: BVI

Description: Iaguara Blockchain Fund is an actively managed multi-strategy crypto hedge fund. It seeks high risk-adjusted return providing investors exposure to digital assets and by exploiting market inefficiencies and volatility. It is driven by a long-biased strategy based on deep fundamental analysis of digital assets with high long-term potential. Part of the fund uses a quantitative strategy overlay to protect and take advantage of short term movements.

Our investment strategy involves early investment on narratives and gradual accumulation of positions over time. A dedicated capital structure empowers us to make extended commitments and promotes both diversity of use-case and time in our portfolio. This approach enables us to invest in a proactive manner and adapt our thesis with the market as opportunities arise, rather than responding reactively to the numerous abrupt changes that occur in the industry. 

To invest in the fastest changing asset class of the world, it is vital to possess a sensible and critical outlook that remains impartial to the various hype cycles circulating through the market. We are constantly upgrading and monitoring our portfolio, we believe this is a crucial part and ensuring it follows our rational investment thesis. We believe that investing with conviction and at a deliberate pace around a thesis is the optimal approach to identifying opportunities that can achieve global scale and generate maximum long-term return for our investors. 

By mitigating risk through key levers such as our cash allocation, BTC weighting and puts, the fund was able to outperform the crypto markets ITD (inception to date, as of May 2024). We believe that identifying 10+ (subject to discretion) intriguing digital assets to concentrate on is an ideal coverage of the blockchain market’s essential sectors: infrastructure, DeFi and interoperability. By understanding the drivers of supply and demand, such as vesting schedules, narratives, free float, value capture, liquidity profile, bugs and track record, we filter down to high quality tokens, which are continuously reassessed. We are crypto natives with distinct strategies as opportunities arise: participating in DeFi, alpha via staking and quantitative models such as TGE bots.

Iaguara’s investment team has significant proficiency in handling conventional and crypto-specific hazards, such as smart contract risk, hot wallet exploits and governance attacks. With this knowledge, we strategically position the portfolio to attain asymmetric gains with an ideal risk/reward ratio. 

We believe that a single blockchain cannot facilitate the widespread adoption of crypto assets, thus indicating the inevitability of a multi-chain future. This is specially due to the nature of scalability issues, chain specialization and tech advancement in the space. We invest in investment buckets as a hedge to seek high-quality assets that capture the full spectrum of the crypto innovation cycles.

Quantitative and qualitative data are both utilized to evaluate crypto assets and valuations, allowing for comparisons within the same sector. For instance, when examining Uniswap's (UNI) quantitative information like Total Value Locked (TVL), daily volume, and protocol revenue against other DEX governance tokens, UNI appears to have a higher valuation. However, this analysis overlooks qualitative information that justifies the valuation, such as Uniswap's pioneering role as a DEX (decentralized exchange) and their highly regarded team, making it one of the strongest brands in the crypto asset industry. The capability to appraise the qualitative information related to a given crypto asset is indispensable in assessing its investment potential.

The primary thesis of crypto centers around Bitcoin's capacity to serve as a store of value, a trait that will endure over time. We anticipate that companies and governments worldwide will become increasingly familiar with Bitcoin's characteristics as a digital store of value and will integrate it into their treasuries and reserves, thereby establishing it as a globally recognized reserve. By even attaining half the market cap of Gold would result in a 13x increase in price appreciation for BTC, for reference.

DeFi markets has a lot of inefficiencies such as X*Y=K constant market arbitrages, MEV bootstrapping, yield farming, staking and stable yield. These unique opportunities are there 24/7/365, and we are taking advantage of them as we believe it’s our job as a crypto hedge fund to take both the on-chain of the supply and demand skews, and the traditional off-chain (centralized exchanges) venues. We also employing quantitative strategies into these markets.We have undertaken short positions before, but our core value proposition is with a upside as a net long portfolio, as we prefer to take controlled DD (drawdown) than missing the upside.

Dive deeper: in it for the tech

Blockchain technology is a shared, immutable ledger that enables secure sharing of information, recording transactions, and tracking assets in the network. With the advent of decentralized products, users can have control of their data and identity and enjoy fair access. The development of infrastructure is critical to achieving this goal, we bilieve we're at a stage of the technology where we can start really delivering on the promise of Web3 with truly decentralized products where users are in control of their data and identity. 

Similar to the internet, the development of killer apps took some time before it became a widespread phenomenon, the infrastructure is needed before these types of statements hold any weight. As the infrastructure for the internet was being built, more and more people started using it, and by the early 2000s, it became a mainstream phenomenon. The same is true for blockchain technology, which has seen significant growth in recent years as everything is being built and optimized from the ground up.

The potential applications of blockchain technology are vast, from improving supply chain management to providing secure and transparent voting systems. Blockchain can also be used to develop decentralized applications (dApps) that offer users more control over their data and privacy, this technology can provide benefits such as increased efficiency, cost savings, and improved security. With the fundamental analysis pillars from Benjamin Graham and Warren Buffet, akin to TradFi value investing, we're able to measure TAM (total addressable market), competitive advantage and expansive tokenomics from projects to arrive at a diversified basket of high quality liquid tokens.

While the potential of blockchain technology is evident, it is crucial to remember that developing and implementing this technology is not without challenges. Some of the challenges include regulatory issues, scalability concerns, and interoperability between different blockchains. Despite the challenges, we believe the growth and development of tech is in the parabola phase of development, where most opportunities arise. As more and more applications are built on this technology, we can expect to see even more groundbreaking opportunities in the coming years. One such example is Ethena (ENA), which broke records of reaching billions of dollars of TVL (total value locked) within weeks of launch in Q1 2024.

In our view, Web3 is the next phase of the internet, bringing together the perks of previous innovations. The concept of Web3 is based on the blockchain tech and tokens that allow for ownership, identity verification, value exchange, coordination/incentivization and most importantly capital formation. Instead of being controlled by monopolistic tech giants, the web is increasingly being built, owned, and operated by the community which have the ability to own items in the digital/real world, control and benefit from their digital identity, utilize native payments, and govern the platforms they use through decentralized governance. The creator of the Web3 term was Gavin Wood, also founder of Polkadot and co-founder of Ethereum. He initially described Web3 as a decentralized, permissionless, trustless, and censorship-resistant read-write-own web, all of which we deeply agree on.

We’re at the pivotal “broadband” moment as blockchain block space becomes widely available, analogical to the bandwidth expansion that brought Youtube and peers to the market. This innovation is what made mobile utilization main stream, where we could utilize the internet wherever we were, something Vitailik foresees to be doable by 2032 in the crypto world by utilizing mobile accessible light clients to run a version and validade the chain from anywhere in the world, which is all possible by the fast bandwidth escalation.

Blockchains are a "Dial-up to Broadband" event for Web2

Source: Iaguara

We’re amidst an uncharted evolution and we place our highest conviction in Web3’s “Public computer”, descendant from corporate and personal computers from previous innovations, the mental model conceived by Vitalik Buterin in 2013 and on mainnet in 2015 turned the idea of Ethereum into a reality, a “World computer”, one of which we’re particularly excited for. The virtuous positive flywheel effect comes with the silver lining of software ruling hardware, instead of the other way around in traditional systems, the former opens the doors for improvement and development of the blockchain and dApp stack as a whole, primarily driven by exponential growth that is backed by:

- Software movement: speed is not dependant on the hardware progression

- Open-source: devs build on top of pre-existing composable infrastructure (compound interest)

- Aligned incentives: users and supporters alike get digital ownership recognition of participation

- Open circuit governance: core protocol changes allow the tech to evolve with more inputs via token weighting system

Blockchain is inevitable and it is at the beginning of its adoption curve when comparing to the total population, it’s in the single digit % points, and when comparing to the users of the internet, it’s also just starting to tick up towards 1b users (current 450m). The technology is of value-add to the internet by integrating new use cases e.g. money, permissionless and immutable data bases. As such, we also believe it’s a win-win: financial markets and society stand to benefit. By combining the world's largest market, the internet with the world's largest user base, crypto, we spot confluence for fundamentally driven mass disruption on the technology stack, as all interests are aligned.

Crypto adoption is growing at a faster rate than the internet

We also think that Decentralized Finance (DeFi) marks a historic milestone for the world as it presents the first instance of open and permissionless innovation in finance at a global scale. In the upcoming years, blockchain developers will persist in constructing a financial system that is more efficient, fair, and open. We are confident that there will be ample opportunities to get involved in projects that are novel and capable of shaping the future of finance. Bitcoin and Ethereum will serve as foundational assets for this new and modern financial system, which is inherently more advanced than the older ones.

Apart from eliminating intermediaries and promoting fairness in value exchange, Web3 also allows for innovative approaches to:

- business models: by utilizing tokens, smart contracts and decentralized on-chain governance, leading tech teams are exploring uncharted chapters, for example, a novel incentive mechanism that can allocate a significant portion of freshly minted tokens to reward early adopters, including users and supporters. This strategy allows the first participants to profit from the application's expansion, in addition to the founders and investors, thus fostering network effects. Moreover, this can transform the capital formation industry by introducing innovative business models that benefit players, developers, and virtual worlds. We believe crypto will be the new primary venue for startups wanting to go public (aka IPO). The ammount of alpha that this will bring is enourmous, specially when recognizing that in crypto, a lot of bussinesses necessarily need to launch their tokens early, because the protocol/company wouldn't be able to function without one. We're increasingly seeing teams have separate roadmaps: one for their tech stack and one for their token launch, aiming to maximize the efficiency in house and turn out profitable.

- governance: community-driven governance fosters transparent management, borderless collaboration, and bottom-up decision-making, leading to improved engagement, business creation, fundraising, and financial and social capital. Workers can define their work based on passion across different DAOs, while products and services align with community needs and match demand through consumer-driven ownership and reward, without political or bureaucratic restrictions. We are active participants of DAOs, through Discord, Telegram and forums, specially on the tokens we're actively invested/interested. We believe this is another alpha piece of the crypto market, where a firm stand to benefit from knowing every detail in the production pipeline, and give inputs (collaborating) to further make the token/project suceed and make everyone richer. One such example stems from our participation in THORSwap (THORChain interface), where we stood behind the decision to move the token to the Arbitrum blockchain instead of the alternatives. On our research proccess, the rigorously analyze how governance participants, specially those outside the team (like we did on TS), publicly stand up to support the project, and in what way (constructivism).

- ownership: genuine digital ownership of both fungible and unique non-fungible tokens (NFTs), representing digital assets in a tangible manner and enabling new constructs around content, ownership, value, and exchange. For example, NFTs enable content creators to sell directly to fans, monetize secondary sales, price along the demand curve, and crowdfund new works to maximize value capture and reward early supporters, thereby fostering the metaverse and virtual economies. Additionally, programmability, tokenization, and composability enhance NFT utility and functionality, accelerating development and boosting efficiency, transparency, portability, and security. Unlike in traditional finance (TradFi), ownership in crypto is a delicate subject as there is always a risk to losing/hacking keys. We take risk management approaches to ensure that our clients investments are with the leading custody solutions. We believe the memo "not your crypto, not your keys" will permeate major as the tech gets adopted worldwide, more on use cases later.

The combination of decentralization and standardization at the data layer of the internet is driving down production costs for information networks, dismantling data monopolies, and triggering a fresh wave of creativity. Cryptonetworks achieve this by replacing costly, centralized coordination methods (such as PayPal) with universal financial incentives (as exemplified by Bitcoin). These networks introduce a new, digitally native asset category that alters the focus of value from equity in companies to tokens in decentralized networks. Even PayPal and big techs recognize cryptos potential, so they're hiring, investing and experimenting with this technology.

Acceptance of major market players

Source: Iaguara

Use cases

To determine the potential of a new technology, it is essential to understand its purpose and how it can benefit users compared to existing alternatives. Before delving into the details, let us provide a basic overview of cryptocurrencies and their workings. 

In essence, Bitcoin is a network of thousands of unaffiliated computers worldwide, known as nodes, that maintain a shared record of who sent money to whom and when, similar to all computers having the same copy of an Excel spreadsheet. In more detail, nodes record bitcoin payments, a digital asset with the same name, and employ cryptography and a consensus mechanism to validate transactions. Nodes compete to solve a puzzle and add their proposed transaction or block to the blockchain (a distributed spreadsheet) to earn a BTC reward.

Such a system, which involves an open network of unconnected nodes adhering to code-based protocols to validate transactions without a central authority, gives rise to key properties of key digital assets such as decentralization, trustlessness, censorship resistance, immutability, permissionlessness, and scarcity.

In the physical world, users need an escrow agent as an intermediary for simple day to day activities, on the other hand, deploying a concise smart contract to the Ethereum blockchain is trustless. The network nodes monitor for state changes, i.e., whether the digital keycode and payment have been updated. Once both conditions are met, the nodes execute the protocol automatically. This example demonstrates how a smart contract blockchain can not only store information but also perform computations, transforming the blockchain into a decentralized and trustless computing platform.

Blockchain tech is being used all over the place:

Source: Internet of Blockchain Foundation

Given its strong use cases and numerous benefits that surpass existing solutions, we have high conviction that blockchain technology and cryptocurrencies will continue to be developed and adopted. This will present numerous opportunities of the likes of Amazon, Apple and NVIDIA of valuation but trading as tokens with fundamentally new use cases. This technology has the potential to establish trust on a large scale, leading to the removal of intermediaries in favor of trustless peer-to-peer marketplaces that offer greater efficiency and lower costs. With blockchain, payments and value exchange can happen 24/7/365 with near-instant settlement and minimal transaction fees.

These promising areas demonstrate practical use cases and advantages that can attract a considerable portion of the population. We have identified various innovative aspects of blockchain/crypto that possess this potential, such as decentralized identity, modular blockchains, zero-knowledge proofs, and decentralized infrastructure networks. When combined with established areas of the industry, such as payments, DeFi, L1s, L2s and DePIN, these innovations have the potential to bring about paradigm shifts that could transform society.

Blockchain infra in our crosshairs

Iaguara believes in the fat protocol thesis, where the majority of the value and revenue accrues at the base protocol layer, or the infrastructure layer, rather than the application layer. As infra serves as stepping stones to utilizing decentralized applications (dapps), dapps built on top of existing blockchain infrastructure require a robust and reliable layer to function effectively.

In Web2, when users from different apps are generating revenue by watching a video on youtube, browsing a website, or listening to music, there are different technology stacks being abstracted such as Amazon servers. To abstract away the backend software stack, account abstraction is eliminating the distinction between EOAs (externally owned accounts) and smart contract accounts (CAs) by unifying them into a single contract account which will be able to transact with tokens and create contracts, unifying both account types in Ethereum.

We believe AA (account abstraction) will open the floodgates to new users as today’s main bottleneck is UX around wallet / key management. Recently on Ethereum, a new application level standard was introduced by ERC-4337 (AA core principles) transformed the current all-in-one account system of cryptocurrencies where a small mistake can result in the loss of everything, to a future where accounts can be customized to meet the needs of individual users, enabling the creation of a safety net for self-custody and providing a much smoother UX.  

The crypto industry currently poses several challenges for its users due to its complex and cumbersome UX, from downloading a browser extension and securing a seed phrase to comprehending blockchain/address fundamentals, on-ramping from centralized providers and elevated costs on Ethereum, crypto requires significant improvements in its UI/UX to appeal to the average individual. 

Fortunately, there are ongoing efforts to streamline the blockchain and transition the user experience from Web3 to Web2. These efforts encompass various initiatives, which aim to enhance wallet functionality and security significantly, additionally, naming and notification services like ENS, mobile accessibility improvements, reduced latency, heightened privacy and interoperability, and greater integration with traditional financial services are among the primitive/utilities that help improve the user experience.  We are cautiously optimistic that each of these efforts will gradually be tackled over time and drive the industry forward. We are invested in some of these cases.

The industry has also made considerable strides in scaling through L2 (layer two) solutions and alternative L1 (layer one)  blockchains that provide fast and cheap transactions, Ethereum's scaling development is also enabling settlement that will beat the transaction speed of tech giants such as Visa, Mastercard, and others.

When things are beautifully done usually there’s a well thought out set of abstraction layers” - Jim Keller, ex-Apple & AMD microprocessor engineer. Crypto is just getting its own dose of new abstraction layers and we can use that to massively scale up development. We strongly believe that the open and free technology that we steward will help leave this world with better infrastructure rails than we found it.

What’s driving tokens

Tokens are a crucial innovation within the crypto industry as they coordinate and incentivize ownership, reward value contribution, facilitate exchange and make up a new form of capital formation for startups.

We believe that the Web3 experimental era is over as the bear markets served as a froth cleanse (3AC, Terra Luna, ,FTX) and we can see many are working hard to build applications with meaningful value accrual. There is now a renewed focus on utility over financialization, which is producing positive outcomes, for instance, decentralized exchanges (DEXs) are moving away from short-term incentives to attract liquidity and instead focusing on offering increased utility elsewhere, blockchain-based games are prioritizing user-friendly gameplay before focusing on blockchain-based components, and protocols are concentrating on token usage via greater access and liquidity as well as tangible services, rather than short-lived incentives. 

As long-term tech investors, we believe that there are financial cycles and there are product cycles, although financial cycles are volatile, connected with the macro and unpredictable, product cycles are more predictable as we can watch them unfold as technological events happen. There's more to crypto than the price.

We believe that the high volatility in cryptocurrency prices can be attributed to three factors.

- sentiment as the price of assets will fluctuate between investors = expectations - reality

- uncertainty and unpredictability of future cash flows, which is exacerbated by the emerging nature of the technology. This, combined with imprecise valuation methods, leads to greater volatility. In this period we're akin to the boom of the dot com bubble, where many dot com stocks traded at multiples while not having anything to show for. We believe this is a prime example at how we can get upside beta on tokens while strategically (quant strategies) keeping our volatility below the market's benchmark (BTC, ETH, SOL). Another factor interfering in this point is the expected value (EV) priced in FDV/MC metrics, where it is an uncertain factor, even for Bitcoin. In most cases, we like to think of the valuation of any given token as the fully diluted value (FDV), instead of market cap (MC), because that is what is liquid + illiquid of a token in the future.

- Macroeconomic factors: in a low-interest-rate and high-liquidity environment, asset valuations often get inflated due to the rise in the present value of future cash flows resulting from a lower discount rate, along with additional demand that propels prices upwards as investors hunt for yield, often driving up the value of speculative assets. This was evident in 2021, when the macroeconomic conditions were highly favorable, with near-zero interest rates and ongoing quantitative easing programs, resulting in a surge in almost all major equity indexes and digital assets with them. We continuously monitor macro events and we're not surprised that the fed rate cut hasn't happened yet (often the opposite of consensus hapens). This is bullish, whenever we get a rate cut, monetary incentives will flow to riskier assets, and this will be the first time where we get one with a vehicle that enables crypto asset investing at scale (Bitcoin Spot ETF). In the event of a hard landing in the global economy, technologies like blockchain and oracle networks could play a crucial role in restoring faith in financial systems. 

There are big narratives complimenting each other to feed into crypto’s most scarce and decentralized assets: ETH and BTC, which can be looked at as "digital gold". First for Ethereum, there was a grind in the bear market to achieve Paris (Merge, September 2022), Shapella (withdraws, April 2023) and Cancun (EIP-4844, March 2024) , all of them are fundamental stepping stones to scalability, decentralization and security in order to tackle the blockchain trilemma. Secondly, for BTC, there are Ordinals (January 2023), Runes (April 2024), the halving (desinflation, April 2024) and programmability (Stacks, BitVM, Mezo, and other execution layers) which are also large potential value adds. As dubbed by Dan Morehead, founder of Pantera Capital (a great inspiration of ours), the greatest black swan to hit crypto in the forecoming years will be no black swans at all, as we've already seen major implications from "unknowns unknowns" in the prior cycle

The irresponsible actors have been exposed (Celsius, 3AC, FTX, Do Kwon, etc), the quick profits have been eliminated, and now there are mostly true believers and builders in the cryptocurrency market. While short-term price movements may reflect broader market trends, nevertheless, over the long run, we strongly believe that crypto prices are driven by the underlying fundamentals, which are arguably stronger than ever.

Overall, this combination of scarce digital assets and increasing global liquidity is likely to help support crypto-asset prices throughout these next years, we are sure that this and the following are extremely promising.

On-chain metrics

Thanks to the transparency of public blockchain data, there’s a world of rich analysis of activity on the blockchain, called “on-chain data.” We believe these alpha insights into the fundamentals of a given network/protocol can be used to inform better crypto decision-making, from trading to investing and more. As such, we have a strong conviction that blockchain data analysis is superior in many ways for financial markets. The key indicators (KPIs) in crypto are open for everyone to see.

There are detail-oriented executives in every major country/company, however, this doesn’t suffice as instransparency leads to error, and over long time samples, we have seen both “too big to fail” companies and currencies go under, both of which can be solved by blockchain tech and distributed ledgers. An example of how that could been addressed before the bank run (flight for safety) was by using bi-monthly blockchain reports with on-chain metrics that verified that all of liabilities were within certain risk-off scenarios (where X% of clients would withdraw in a day) sourced by Chainlink (LINK) oracles that maintained privacy.

While many of us didn’t have the opportunity to experience the great financial crisis in the US, where Bitcoin itself was born into, every single one of us have been a part of the miscunduct by the authorities, where bailouts where hand-picked. These were world class top-scored companies that failed to meet basic financial accountancy, while being highly motivated by conservatism (holding long term bonds). Blockchain can stop this by implementing real time auditing and transparency for both bankers and clients to have a lever and validade that everything is under control at all times. In hindsight, the banking crisis last year (SVB, Silvergate, etc) was another one for the books, and hence the narrative of crypto being reinforced at the exact time, followed by a BTC price bounce from ~$15k to ~$30k (+100%). These events are a reminder why crypto was invented in the first place and why we’re building towards a better future, where even banks can also take advantage of.

In what follows, we analyze fundamental on-chain data, including adoption and usage, technological development, industry talent, and capital inflows, all of which remain remarkably strong and make a case for secular expansion. To take a holistic view on blockchain data, we built a “one chart that rules that them all”, based on custom weighted average of monthly % change of major KPIs:

- Adoption indicators: active addresses, Stablecoin volume, DEX volume, NFT buyers, mobile wallet users, transactions, transaction fees paid

- Innovation indicators: Active devs, interested devs, job search interest, contract deployers, dev library downloads, academic publications

KPIs that measure market growth are at all time highs

Unlike emotion-led PA seen in the charts, the underlying fundamentals of Web3 paint a different picture, one that could be interpreted as a breakout, the ideal stage to become an investor before a major rally of prices.  On-chain analysis, unlike quarterly earnings in public TradFi companies, are actionable by the second updated information; this can also include transactions not yet added to the current block. We distill/monitor/discuss this data on a daily basis, making sure our discretionary active management is always well informed.

Conclusion

The proof of the potential of cryptocurrency lies in its numerous use cases and benefits, surpassing those of current technologies. These advantages include eliminating intermediaries, democratizing value exchange, and introducing novel approaches to governance, ownership, and business models. With these unveiled benefits, we have high conviction on the narrative that blockchain is on the cusp of bringing the new era for the internet, one that is created, owned, and run by its users, fueled by the emergence of a decentralized, trustless “Public computer”, owned by no one but available for everyone to use.

Our analysis has confluences that strong fundamentals such as increasing adoption and usage, ongoing development, and inflows of talent and capital put us in the midst of a broad secular upswing. While significant challenges remain, cutting-edge technologies like zero-knowledge proofs, decentralized identity, modular blockchains, and decentralized infrastructure networks offer further opportunities to transform the world. We firmly agree that the future of cryptocurrency is brighter than ever.

At this stage, it is no longer acceptable to say that "crypto has no utility" or "no one uses crypto for anything except speculation." Millions of people use crypto to make their day-to-day lives better and there is an abundance of evidence that supports this reality. The shape of the space has advanced to where applications have real use cases, infrastructure serves a multidimensional space and tokens are increasingly trading on fundamentals.