Over the past two years, Web3 & Crypto has, on the surface, seen a succession of major narratives. Most of the opportunities to create wealth are also hidden within these narratives: Layer2, DeFi, Perp DEX, prediction markets… But when you look at it over a longer time horizon, one deeper underlying logic never changes: as the competition in the Web3 & Crypto space reaches its end, at its core it is a battle for Web3 entry points. Ultimately, users, on-chain assets, and on-chain interaction paths,

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