ok enough on the events back to the investments + the elephant in the room valuations are too high. so much has become uninvestable at the advertised fdvs this is how i am thinking about it: 1. size down - if the valuations are not going to come down (maybe because they are driven up by all of these funds that have so much money to deploy that they aren't discerning enough on fdv) + i still want exposure, then sizing down is my only option 2. close the book - the best option in most cases tbh - a challenging aspect of this cycle is that you could have been right on product/team but wrong because valuation was too high. fdv is NOT a meme. need to be super disciplined here. on reflection some of my best 'trades' this cycle (whether as an investor or as a cofounder of the media company) has been saying no. no is an action. it is a decisive decision. and probably 9 times out of ten it is the right one. something i learned fast is there should be no ego/glory in being an 'angel' 3. founder focused - in this difficult market where revenue is top priority i think leaning heavily on the human behind the project is right. do you think they have it in them to figure it out? do you have a personal relationship with them so they value your contribution or are you just one of many? are they savvy operators who are making money and have they shown they can pivot to find additional/new revenue streams? probably only one founder who i feel like that about right now 4. revenue generating priority - hyperliquid, pendle, ethena - protocols that MAKE MONEY. it should not be controversial that protocols which make money will be more valuable than those which do not. laser focused on money making protocols 5. community vs vcs - i am willing to bet that the megaeth style raise (fluffle holder) where community were included to a larger extent will lead to a better outcome than the Nth vc style raise for more infra that doesn't have enough users/builders/revenue. 6. too huge to ignore - i have spoken about it a hundred times already - so much so that aixbt has picked me up on it - but plasma the stablecoin blockchain backed by tether is so huge that i think it would be wise to get exposure in whatever way possible (see previous posts on structural demand created for usdt via ethena, usdt transfer fees going to 0 etc) some of these factors conflict with each other, so ultimately got to think through each investment on their merits and on different planes final take airdrop farmers get a bad rep for being 'extractive' but i have a more charitable + optimistic view, especially in this market (i) airdrop farming is just investing post raise; it is simple capital allocation towards a project which you believe will generate a better return on your capital than something else (ii) in this market, if you are bullish on a project but not on its valuation at raise, it is arguably better to say no to the raise and just provide liquidity to the protocol in size - you take no risk on the valuation it comes out this way, you only risk less expected yield (nb smart contract risk too)

@FilTom42 @PlasmaFDN @ethena_labs @aixbt_agent no, they are complementary see this