Unpopular opinion: The current infrastructure market dominated by mindshare is incorrect. In the web2 market, no project can achieve 10b+ just because of mindshare without a product. The fact that the web3 market can do this shows it is still not fully developed. The reason is still too much market noise and insufficient engineering capability. Additionally, some white-led projects are not pragmatic enough to capture attention. We have already seen projects dominated by products like Pendle and Jupiter in applications, but the application layer still mainly promotes Monad, Berachain, Eclipse, which have extremely weak engineering capabilities. The so-called strong mindshare ultimately results in delivery capabilities lagging behind like Polkadot and Starknet. This will make us continue to be bearish on the infrastructure of this cycle. How do high-mindshare investors in Asia view this @mrjasonchoi
Unpopular opinion: The current mindshare-driven infrastructure market is problematic. In the web2 market, no project has reached a $10B+ valuation solely due to mindshare without a real product, but the web3 market is not yet mature enough to sustain this. The reasons are the excessive market noise, lack of engineering capabilities, and the disproportionate attention given to white-labeled projects that lack practicality.
We've seen projects like Pendle and Jupiter dominating the application layer, but the mainstream is still pushing Monad, Berachain, and Eclipse - projects with extremely weak engineering capabilities. Despite their strong mindshare, their ultimate delivery capabilities lag behind projects like Polkadot and Starknet, which may keep us bearish on infrastructure in this cycle.
I'm curious to hear the perspective of high-mindshare Asian investors, such as @mrjasonchoi, on this view.
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