The Rollup Mike Dudas On PumpDotFun, Crypto's Revenue Era, And The Fat App Thesis
Jun 4, 2025
Mike Dudas is a crypto venture capitalist at Six Man Ventures, focused on pioneering app-based blockchain innovations. He discusses the end of the era of valueless tokens, emphasizing a shift towards genuine value creation. Mike believes buyback models are becoming essential and criticizes overhyped infrastructure projects, advocating for consumer apps instead. He highlights the new crypto app economy where real revenue meets token utility, suggesting that we're entering a promising phase of accountability and innovative opportunities in the crypto space.
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Risks of Business-Linked Tokens
- Token issuance platforms that tie tokens directly to businesses risk misaligned buyer expectations.
- It's safer to market tokens as valueless or purely for fun rather than promising economic upside.
Shift to Revenue-Backed Tokens
- The era of purely memetic tokens is ending; sustainable value tokens require real revenue and buyback models.
- Buybacks, as done by platforms like Hyperliquid, provide predictable value support and build token holder confidence.
Emergence of Crypto App Economy
- A crypto app economy is emerging with stablecoins and consumer apps driving real on-chain usage.
- Integrated apps with self-custody accounts increase stickiness by combining DeFi participation with everyday transactions.