D1zzy

#MAYC #17308 | Origin Governance

[D1zzy @D1zzy_eth]

This NFT is a token. A Non-fungible token. A @BoredApeYC MAYC

The meaning of a token hits much different to me, particularly now.

I bought this token in a very dark part of my crypto journey. So much was lost for so many people. Some didn't make it to the other side. For them I grieve.

I was left with very little. This token and some very close friends who share the same scars. Friends for life.

[D1zzy @D1zzy_eth]

So where does that leave me.

The mechanism is real and it's better than it was three years ago. The rate is not yet interesting. My position is a bet that the rate changes and that enterprise revenue compounds fast enough to outrun the unlock schedule, and that agent traffic eventually shows up on top of it.

That's a very different bet than "the mechanism exists." Most LINK bulls are making the second one and calling it the first.

LINK is the quality anchor in this portfolio, not the moonshot. Highest probability of still existing in five years. Nowhere near the highest multiple.

Valuation's the harder conversation.

[D1zzy @D1zzy_eth]

Now the part that keeps this from being a pump post.

The Reserve is buying maybe five to six million LINK a year. Tokens entering circulation from non-circulating supply run several times that. So this isn't a supply sink. It's a brake on dilution. Anyone telling you the Reserve makes LINK deflationary hasn't done the arithmetic or is hoping you won't.

Second thing, and this one bugs me more. Onchain protocol revenue is small; single-digit millions. The Reserve is accumulating far more than that, which means most of it is coming from offchain enterprise deals nobody outside Chainlink Labs can audit. You can verify the LINK going in. You cannot verify what it was converted from.

That's a trust assumption. Price it like one.

[D1zzy @D1zzy_eth]

Over the next several days, I’ll break down the protocols that survived the research.

Then I’ll put capital behind them.

No hindsight. No rewritten thesis.

Let’s see what happens.

[D1zzy @D1zzy_eth]

I have spent a significant amount of time studying protocols, tokenomics, adoption and adaptation to find key candidates to invest in the agent thesis. The thesis where millions of micro-transactions turn into token value capture.

This focuses less on whether a protocol can "power" AI, and more on what happens to the token when an agent uses it. Then another agent. Then thousands more.

[D1zzy @D1zzy_eth]

@0xWaldox0 @claudeai Does it do it with API calls as well? If they did it on subscription plans that would be understandable. Those, as they currently stand, are a revenue drain. So why not pad the loss numbers and help train your future models while you’re still spending venture funds.

[D1zzy @D1zzy_eth]

@CryptoYesNo Heard that. What revenue multiple is the market going to accept as palatable.

[D1zzy @D1zzy_eth]

@BoredMute Welcome fam! You’re coming in with the perfect mindset. 🍻🧪🍌

[D1zzy @D1zzy_eth]

@NftTirox @BoredApeYC Nice pickup! Welcome 🧪🍌

[D1zzy @D1zzy_eth]

@ZeusRebirth Agreed. We all want and need more people in the space. What better way to do it than with both large communities working together as reps of the space. Cousins. Step brothers. Put away the trash for a common purpose. 🍌🐧

[D1zzy @D1zzy_eth]

@shinweb5 @BoredApeYC @mfigge @veratheape @yugalabs You found a great one to start with! Yes, you’ve just started. Welcome fam. The NFT culture has been some of the best online culture around. Apes are the best at it. 🧪🍌

[D1zzy @D1zzy_eth]

@KRAM_btc @jaybirdisbored Congrats Kram! I love seeing this. I’ll have to get used to the new pfp. I guess one of these is in order 🍌

[D1zzy @D1zzy_eth]

Crypto already has this stigma of being a betting arena. Between that and how many people have already been burned by this space, in order for retail to genuinely come back would be if they saw an actual application of the tech. AI and MAYBE NEAR are the likely choice. If retail sees a token ecosystem being used by agents, these are two things most people don’t understand enough, that would get them drooling over crypto all over again.

[D1zzy @D1zzy_eth]

Great conversation! I believe there is a mutual understanding between MAYC and BAYC holders as to a feeling of entitlement. I’m frankly thrilled with the level of access to the club as a mutant.

As to the non-grail engagement argument you’re probably right. Most grails now are typically owned by entities thus implying having motives behind their posts versus one who aspired to afford one they liked.

It’s hard to trade up. I’m still working on it hoping the timing all adds up.