Two wolves are meant to fight within each of us.
Cryptography has so much more than just two.
According to the story, whichever wolf is fed the most grows strong and devours the other. It’s a metaphor for good and evil — nurturing virtue in the soul will scrub it clean of all things fiendish, eventually.
Which wolf does crypto feed? Pick your poison:
- Finance without permission and resistance to censorship
- All things are tokenized
- Memecoin casinos
- Funding for Public Goods
- Pay with P2P Cash
- Wall Street Adoption
- Onchain DAOs
- Regulation of stablecoins, tokenized money markets funds
- Incentivizing physical infrastructure networks
- Collectibles digital
- A new approach to airdrop farming and high yield
- Mixed drinks and privacy technology
- Donations and research
- The crypto-powered smart city
I’m sure there are many others that have passed my attention. Still, what’s clear is this: crypto’s builder culture has conditioned us to believe that it’s possible — and optimal — for all wolves to be fed at the same time and not tear each other’s throat out in the process.
Consider the two alpha-wolves in this cycle: Wall Street adoption, and memecoin casino.
Even if we ignore the possibility of a Dogecoin ETF bridging the gap between these two concepts, a Wolf of Wall Street Adoption with a very high level of nutrition would have ten times more power than simple memecoins on TradFi-wrapped stock exchanges.
Perhaps its final form would involve tokenized stocks, bonds, foreign currencies and all other financial instruments trading round-the-clock on public blockchain rails — and globally accessible to boot.
Hedge, mutual, and pension funds are making long-term investment far into the crypto-space, instead of just purchasing and selling bitcoins because they fluctuate (or making bad investments with centralized exchanges and lenders).
At this moment, it’s difficult to imagine either scenario playing out — as much as I might like them to — because the Wolf of Memecoin Casinos is simply far too big right now.
Consider the first aspect of adoption, the realization of Larry Fink’s vision of tokenization as the “next generation for markets.”
Wall Street already rejected the idea that finance could be moved to blockchains with permission. In their current state, public chains that push for decentralization are often unable to withstand large surges in traffic before the service is compromised.
This has happened when the memecoins became super popular on Ethereum, Solana Base, XRPL, and other platforms. But more recently, Solana’s infrastructure was centered around just two memecoins, TRUMP and MELANIA.
Wall Street might use layer-2s or layers-3s. But essentially they want networks that are able to handle many, more assets, all at once. They don’t want to be competing with traders of memecoins to get the chains.
As for the second — funds investing in crypto long-term like they do with stocks and bonds — they will no doubt base those decisions on fundamental metrics, like Blockworks Research’s Real Economic Value (REV), which points to memecoin trading as the prevailing avenue for accruing value in public blockchains right now — even if they can only handle so much of it.
Does investing in blockchain casinos that generate profits for financial institutions old and new entice them to invest? Some.
If another of Crypto’s rabid dogs were fed properly, I would still wager that more people would jump.
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