There really should be front-end thesis.

The next wave of apps will be built and will accrue value to applications with desirable infrastructure which will branch out an incentive structure for builders to build with.

Already, this is in play as builder codes have been introduced.

But there’s a flip, if frontends of new apps will be used to accrue value to exant applications with good infra, then VC investment will tilt towards apps with good infrastructure or rather teams building good infrastructure. Take for instance the M&A of @privy_io by Stripe.

At some point this year. Lots of teams were looking to dominate on categories like stablecoins and CLOBs.

In the future, I expect teams to do M&A and fundings to tilt towards good infrastructure.