About this episode
Crypto's valuation disconnect is real.Santiago Roel Santos breaks down why tokens don't compound value like equities, how infrastructure became commoditized, and where actual value capture happens now.DeFi applications are criminally undervalued while L1s trade at 90% of market cap despite shrinking fee share.We cover:- Why Infrastructure Became Commoditized- The Token vs Equity Design Flaw- DeFi Apps Are Criminally Undervalued- L1s Capture 10% of Fees But Hold 90% of Market Cap- Hyperliquid's Equity-Like Model- What Crypto-Enabled Businesses Will Win- The Next Wave Beyond Stablecoins & PerpsThe RollupTimestamps:00:00 Intro01:40 The Great Valuation Disconnect04:29 Adoption vs Value Capture Problem06:30 Equities Using Crypto Outperform Tokens08:39 L1 Fee Share Collapse11:40 Why Tokens Don't Compound Value14:17 The Ethereum Fee Burn Misconception17:51 infiniFi, Hibachi Ads18:23 How Tokens Should Be Designed21:17 Security Markets & Tax Rates23:56 Infrastructure Commoditization Thesis24:45 YEET, Trezor Ads27:26 The Supply Dynamics Everyone Ignores29:00 Stablecoin Growth Trajectory32:56 Crypto vs Equity Decision Framework34:39 DeFi's Underappreciation Problem37:15 Speed of Decision-Making Matters38:38 Closing ThoughtsWebsite: https://therollup.co/Spotify: https://open.spotify.com/show/1P6ZeYd...Podcast: https://therollup.co/category/podcastFollow us on X: https://www.x.com/therollupcoFollow Rob on X: https://www.x.com/robbie_rollupFollow Andy on X: https://www.x.com/ayyyeandyJoin our TG group: https://t.me/+TsM1CRpWFgk1NGZhThe Rollup Disclosures: https://goodidea.ventures??????????: ????????? ?? ?????????????? ??? ???? ????????? ????? ???? ???????? ????? ????????? ????????? ????, ????? ?????, ???????? ??????? ??? ????. ?? ??????? ?????? ?????????? ???? ???????, ?? ??? ???? ? ?????????? ?? ??? ?? ? ???????????, ?? ???? ?? ??? ???? ?? ???? ?????? ???? ???? ?? ?? ?????. ?? ??? ???????? ?? ??????????? ??????? ????????, ??????? ?? ????? ?? ????????? ??????. ?? ??? ??? ????????????? ?? ???????? ????????.
