This market is crowded because it has low barriers to entry from a technical standpoint. @bonfire_tweets is notable for securing Odesza & Bankless as customers and can leverage these wins to more deeply understand creator needs.

Although the play-and-earn model is subject to intense critique, it serves as a natural progression to the free-to-play model. In order to achieve a breakthrough, @flappymoonbird needs to articulate what makes its playbook for building web3 games special.

An app store can overcome the cold start problem by:

• Onboarding consumers en masse with a compelling UX
• Scaling developer adoption with compelling tooling

Dapps may want to further refine its product strategy given its current offering does not fit the description above.

@MLTech can expose institutional investors to a wider selection of trading strategies and democratize access to institutional capital for non-traditional talent if it exercises proper due diligence in vetting quant strategies that are accessible via its marketplace.

DeFi is branded as a “for the people” movement yet it imposes a high friction UX. This has inspired a new wave of startups like @ArrakisFinance to abstract away the technical and financial complexities of using DeFi protocols and strengthen user adoption.

@PineProtocol is hoping to differentiate by offering segregated lending pools. Although this lender-friendly architecture may be great at attracting capital to the protocol, it is difficult to leverage as a technical moat because it is easy to clone.

@FOUNDATIONdvcs is competing against a formidable incumbent that has already sold 5M+ cold wallets and secures more than 20% of the world's crypto assets. With that being said, the TAM will be big enough for multiple winners if cold custody achieves mass adoption.

@RevelXyz is following in the steps of crypto projects that won big by using token incentives to grow network effects. It is unclear whether @RevelXyz has plans to expand the scope of the product beyond gamified finance and push the crypto industry forward with a grander vision.

The intersection of sports and web3 holds great potential because it brings together two communities with a healthy appetite for speculation. However, sports betting dApps have yet to articulate the inflection point(s) that will drive consumers way from licensed platforms.

The fallout from BlockFi, FTX, etc. poses an existential threat to centralized crypto institutions. Moving forward, it is in the best interest of orgs like @ambergroup_io to champion a new standard for transparency, regardless of how much exposure they had to BlockFi, FTX, etc.

Infrastructure for privacy-preserving transactions is needed for a wide array of use cases. @aztecnetwork is notable for:

• Materializing a spectrum of programmatic privacy policies
• Having the technical hooks in place to scale developer adoption (see Aztec Connect and Noir)

@utorgcom is operating in a crowded market filled with functionally equivalent offerings. Although it is difficult to achieve product-led differentiation in this market, @utorgcom may want to articulate its unfair advantage in other aspects of the business (e.g. GTM plan).

@EvertasRisk is operating with 1st mover advantages and strong momentum (e.g. coverholder for Lloyd's) in a highly under-penetrated market. To take more market share, it may want to provide proof-of-quality for its underwriting process by releasing a standalone security product.

@EUROemoney is operating in a market that:

• Is highly consolidated with strong incumbents like Circle and Tether
• Is a negligible fraction of the total market for stablecoins

@EUROemoney may want to articulate the inflection points and macro tailwinds that will drive its growth.

Crypto is popularly applied to democratize access to alternative investments, such as media. With that being said, it is imperative for projects to further educate consumers on the risk/return profile associated with these opportunities in order to maintain high retention rates.

@EarnAlliance's expansive footprint can either:

• Work in its favor: as a vehicle for risk diversification or an instrument to achieve capital-efficient growth
• Work to its disadvantage: by spreading resources too thin

@HelixInc_hq may want to articulate why its business cannot be cannibalized by general purpose bounty platforms. Additionally, it is worth noting that @HelixInc_hq may be subject to heavy misuse if it allows users to act as support reps in a truly permissionless manner.

@360MiningInc is one of the few Bitcoin miners to achieve vertical integration. In doing so, it can monetize natural gas across uncorrelated commodity markets and reduce counter-party dependencies.

Authorities have already charged professionals at Coinbase/OpenSea with insider trading, which is why there is a clear need for a compliance platform. @ArgusCompliance has yet to disclose how it can identify non-compliant employees who do not disclose (all) their wallet addresses.

@APWineFinance allows users to speculate on the evolution of the yield generated by protocols. Although there are functionally equivalent protocols in the market, it is worth noting that they (collectively) have <$100M in TVL so the barriers to entry are relatively low.

Although it is operating in a heavily saturated market comprised of exchanges, prime brokerages, etc., @Kiln_finance has managed to achieve strong execution momentum with:

• 2.1% share of all ETH staked
• Zero incidents of penalties/slashing

@nftperp essentially allows users to speculate on the floor prices of NFT projects. Given the NFT community's propensity to speculate on anything and everything, @nftperp has a fair shot at quickly finding product-market fit.

@oak_network provides a no-code platform to automate a wide variety of on-chain workflows such as:

• Setting up recurring payments or
• Placing stop-loss orders.

While Chainlink provides equivalent functionality for EVM-compatible networks, @oak_network is focused on Polkadot.

@Orbiter_Finance uses slashing to provide security guarantees to users. It will be interesting to see how this security model scales for cases in which transaction relayers are incentivized to misbehave (e.g. when the value of their slashable stake drops dramatically).

As DAOs mature, their needs become increasingly apparent and new market entrants like @getCatapult have the opportunity to capitalize with products that support a comprehensive set of must-have features. With that being said, the market incumbents ship with high velocity.

We are used to prescribing value to 3D assets, which is why AR NFTs hold tremendous promise. With that being said, it is worth noting that existing VC-backed AR NFT/blockchain gaming studios have yet to achieve a breakthrough.

Many NFT creators strive to provide a wide array of exclusive perks to collectors post-mint such as AMAs, merch, event tickets, etc. @tropee_nft:

• Streamlines the discovery of these perks for collectors
• Supports an industry-leading number of post-mint experiences for creators

Although portable identity standards are crucial to materialize the Metaverse, it is worth noting that these standards will struggle to gain traction until the blockchain games that are compatible with these standards grow in popularity.

@playfenixgames is operating at an interesting intersection b/c:

• On one hand, we are witnessing the incremental disintermediation of traditional publishers through DAOs
• On the other hand, there is an opportunity to capitalize on 1st mover advantages before a web2 giant does

An optimistic oracle strengthens bridge security because it only requires 1 honest relayer. @AcrossProtocol further optimizes the UX by bridging assets instantly and in a capital efficient manner. Regardless, trustless bridges may supersede trusted counterparts altogether.

@blockstarsgame is applying crypto-economics to a gaming genre:- with a tremendous amount of whitespace - that can offer players experiences, which are more reflective of reality, by making use of cryptocurrencies

@Yakoa_ is competing against a handful of direct competitors, one of which has already won the business of OpenSea and another that provides coverage for both web2 and web3 IP. @Yakoa_ has yet to disclose its differentiating factor(s).

To scale Ethereum, ZK-EVMs have to make tradeoffs between Ethereum/EVM equivalence and performance/prover time. While there isn't any consensus on what the sweet spot is, it is worth noting that @the_matter_labs has onboarded some of the most popular projects to its ecosystem.

Arkon Energy creates a win-win for both crypto and the environment by building data centers for crypto mining in locations that have an abundance of renewable energy, which is physically constrained from being exported.

Residential battery ownership rates are increasing as grid reliability declines, battery costs decline, and solar energy becomes increasingly popular. @React_Energy is tapping into this growing market of battery owners by using cryptoeconomic incentives.

@JobProtocol vets bounty submissions on behalf of companies to provide the white glove service that they are used to. Compared to web2 alternatives like Pallet, @JobProtocol hopes to differentiate with a crypto-centric ethos and a more inclusive ecosystem of headhunters.

@dhiwaynetworks may want to better articulate its vision given it faces stiff competition from (1) verticalized solutions that provide 'whole products' and (2) cross-enterprise collaboration solutions that use highly advanced data access management tech (e.g. TEEs)

For @RampNetwork, transaction volumes in 2022 (YTD) have increased by ~240% compared to the same period in 2021. In any case, the company needs to be wary of an increasingly saturated market comprised of node infrastructure providers, banks, exchanges, brokerages, and more.

Unfortunately, the crypto industry is filled with highly talented fraudsters and illicit actors. By filling its cap table with target customers, @trmlabs is effectively creating high switching costs.

Incumbent wallets already offer fine-grained, configurable policy engines to institutions that wish to securely access DeFi. In the hopes of overcoming late mover disadvantages, @FordefiWallet has built out an industry-leading feature set that extends beyond policy management.

A web3 search engine can offer an unparalleled experience to consumers because it can access granular information pertaining to apps, users, etc. (which is inaccessible in web2) from blockchains. @sepana_io has achieved strong execution momentum by onboarding top-tier projects.

Although it is operating in a crowded market comprised of node infrastructure providers and standalone data querying tools, @InsightsFlow is hoping to differentiate by providing more data than is available from full archival nodes.

Offering token rewards for daily habits can serve as a powerful user acquisition strategy. With that being, @trace_top and other startups that use this strategy may want to expand the utility of their tokens beyond gamified finance in order to retain users.

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Although @fluiditymoney is making clever use of tokenomics to bootstrap network effects, it has yet to offer a compelling mission statement that outlines the protocol's significance beyond fun and (risky) games.

@EversifyLabs hopes to disrupt the markets for business intelligence and exchange/NFT aggregation in tandem by consolidating an industry-leading feature set in a single platform and giving prosumers more bang for their buck.

@PartiorOfficial is structured as a joint venture between JP Morgan, DBS, and Temasek. CeFi/CeDeFi startups with institutional-grade offerings are at tremendous risk of being left out of the value chain as traditional financial services providers become increasingly tech savvy.

NFT lending protocols that rely on pseudoscientific NFT valuation models to set the terms for borrowing/lending are unsustainable. By transferring control over terms to lenders, @NiftyApes allows loans collateralized by speculative assets to be underwritten by further speculation.

Since it is competing with market players that have functionally comparable offerings, more venture capital, and first mover advantages, @mozart_xyz may want to better articulate its differentiation.

@Courtyard_NFT has high potential because:

• The collector community is unlikely to stigmatize crypto since it embraces speculation
• It has the hooks in place to execute: collectors can earn extra income, access DeFi, and streamline trading operations through @Courtyard_NFT

Although @spice_finance hopes to offer a useful automation, the technical feasibility of this project is questionable given the ideal algorithm must be capable of timing the NFT market and discovering the 'fair market price' for each NFT.

@klinkfinance pools users' deposits to generate yield and fund its lottery system. Unfortunately, @klinkfinance cannot guarantee that users won't lose their initial deposits due to systematic risks in the market and its operating model (e.g. price volatility, vulnerable to hacks)

Regardless of how robust crypto-native credit scoring protocols become, default risks will persist (e.g. due to crypto price volatility). @carapacefinance offers an innovative solution that can turn this "bug" into an opportunity for risk-savvy investors.

Although @themetajuice is making progress in building network effects by integrating with IMVU and WithMe, it is worth noting that game developers can alternatively leverage no/low-code solutions to build NFT marketplaces and mint tokens (with better economics).

While most identity protocols have a one dimensional focus on data access management, @NotebookLabs additionally integrates proof of humanity to ensure users  only have 1 identity. It is worth noting that privacy-preserving identities may conflict with law enforcement regulations

While most DAO operating systems are exclusively software products, @jointheorigami provides more comprehensive support to DAOs in the form of compliance frameworks, governance playbooks, and partnership opportunities.

Now that the Aptos mainnet has launched, developers will race to build critical support infrastructure like wallets in the hopes of capitalizing as first movers. It remains to be seen whether Aptos will fund @martian_wallet's direct competitors or not.

Investment/dev activity in the Lightning ecosystem is projected to increase now that efforts to abstract access to the infrastructure are underway. There may be a race to build the most popular CEX in the ecosystem (as opposed to a DEX) given the strong retail appetite for BTC.

Token-gated newsletters can notably grant upside potential and tiered privileges (e.g. read only, read/comment, etc.) to subscribers. @paragraph_xyz is the first to comprehensively capture these benefits with an industry-leading feature set.

The market for crypto-economics consulting has substantial whitespace, especially since a playbook for designing an economy has not yet been developed. @ChainSafeth can leverage its consulting arm as a wedge to grow adoption for its remaining products (which are commoditized).

@arcade2earn is further democratizing access to crypto gaming for retail investors by: (1) making it possible for them to participate in the upside from crypto gaming without owning an in-game asset and (2) streamlining the investment execution process for them (e.g. diligence)

@CelestiaOrg pioneered modular blockchain architectures and offers 3 key value drivers to developers/apps: 1) flexibility to self-define virtual execution environments, 2) apps can be updated w/o main chain hard forks, and 3) apps get sovereign execution space while inheriting security

At the moment, it is unclear how @heliuslabs plans to differentiate in this mature market with well-funded incumbents. Compared to blockchain-agnostic alternatives, @heliuslabs may be able to provide more comprehensive/responsive data coverage for the Solana ecosystem.

The majority of crypto-native adtech startups are focused on revolutionary biz models that empower consumers. In contrast, @SpindlXyz has an evolutionary biz model that helps facilitate direct relationships between publishers & advertisers and erodes the power of OS providers.

@Uniswap serves as a powerful testament to the importance of being a first mover in crypto. Despite a frenzy of experimentation and innovation in the market for decentralized exchanges, @Uniswap has retained its throne in the crypto community.

Platforms like @YoloYolo_xyz have difficulty achieving venture scale because stakeholders benefit from signing up on as many functionally equivalent platforms as possible. In any case, @YoloYolo_xyz has the 1st mover advantage and is providing much needed functionality.

The NFT market is largely speculative as it is. @waterfall_mkt is simultaneously: (1) making the market more speculative by assigning value to fungible fractions of NFTs and (2) making the market less speculative by narrowing the range of sale prices set by sellers using game theory

Although there are similar protocols in the market, @otterspace_xyz is: (1) positioned to support a market-leading feature set and (2) notable for getting buy-in from high profile DAOs, including Bankless and Radicle

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There is a strong case to build Bitcoin-centric alternatives for popular dApps given Bitcoin still commands the majority share of the total value locked in crypto. Architecturally, @SovrynBTC and its users have to bear with the systemic risks of relying on bridges.

@_n_x_y_z_ is hoping to differentiate with industry-leading latency metrics in a crowded market. In order to compete with indexing services provided by RPC infrastructure providers, pure play blockchain indexers will need to provide significant upside in performance.

As a firm that develops in-house research technology, we can confirm that there are massively underrated tokens, esp. pick/shovel plays, capable of generating outsized returns. This intelligence is difficult for retail investors to obtain without a dedicated research team or tech

@rye has a compelling execution strategy that delivers immediate value with APIs designed to abstract away complexities in the dropshipping model. It is worth noting that the ideal solution would be no-code given consumer-facing 'product pushers' online are generally creators.

@FANtiumOfficial will have to cope with the following paradox: athletes with a lot of fans probably don't need crowdfunding & athletes that need crowdfunding probably don't have many fans. In any case, the sports community has a propensity for betting with no regrets.

@Scale3Labs will help further decentralization by reducing the technical complexity of managing nodes for web3 prosumers. In doing so, @Scale3Labs will create an entirely new market for node management software.

Enterprise applications that require consortiums and cross-enterprise collaboration can benefit from spinning up permissioned blockchain networks. @SettleMintCom clearly has a compelling tech stack given it has secured the business of high profile customers like P&G and Carrefour

While wallet-level security infrastructure is a net-positive for the ecosystem and effective for common attack vectors (e.g. phishing), its performance has yet to be benchmarked against traditional security audits.

@ExponentialDeFi is operating in substantial whitespace as one of the few market players to provide risk intelligence to retail crypto investors and focus on investment opportunities in individual liquidity pools as opposed to yield aggregation.

In return for providing capital to projects, token holders are expected to keep up with the flood of information on Discord. @LassoLabs can dramatically improve the lives of token holders if its product functions as advertised.

Golden is rebuilding Wikipedia from scratch in a manner that financially empowers information contributors and growing an economy for crowdsourced research. As a tradeoff for being decentralized, @Golden will notably face challenges in providing quality assurances.

Despite the fact that video is king in today's market, there aren't many NFT marketplaces dedicated to video. Unlike web2 platforms for paywalled video content, @glassprotocol allows fans to partly reimburse and even profit from their video purchases by selling their NFTs.

@0xCoral is among the few wallet providers to envision wallets as dApp stores with curatorial authority comparable to Apple's app store/Google Play. With that being said, @0xCoral will need a robust GTM strategy to successfully execute in the mature and crowded market for wallets

The global reinsurance market is worth hundreds of billions of dollars yet retail investors are unable to access it. In order to grow demand, @REprotocol will have to educate retail investors on how this opaque market works and the what the risk-return profile of the market is.

@dammfinance is differentiating from other money markets for institutional borrowers by supporting the tail end of crypto assets. This differentiating factor may be questionable if institutional borrowers do not care for the tail end of crypto assets in the first place.

In order for @harpieio to function properly, users need to manually maintain a list of trusted addresses. @harpieio is hoping that users won't mind this added work given it can protect against the most popular attack vectors in crypto, such as phishing and frontend attacks.

@choose_tactic is in competition with a startup that has won the business of the U.S. government and the Big 4 accounting firms. @choose_tactic's key differentiator is its compatibility with traditional accounting software like Quickbooks.

While most crypto perpetual exchanges have off-chain components (usually orderbooks), @NibiruChain offers a completely on-chain solution. Investment activity in 'vertical chains' like @NibiruChain has been picking up since August '22.

While most guild management platforms are designed with guild managers and scholars in mind, @KapitalDAO notably accommodates game developers as well.

@SkipProtocol creates a win-win for both:

1. Traders: many Cosmos-based chains process transactions on a first-come, first-serve basis and @SkipProtocol allows traders to skip the line by tipping validators
2. Validators: @SkipProtocol allows validators to earn extra income

Although the respective markets for terminals and vaults are crowded, it is worth noting that @3commas_io has strong development momentum given it is one of the few startups to provide product coverage in both market spaces.

In theory, @blockdotgreen hopes to offer Bitcoin miners a more stable alternative to USD-denominated, Bitcoin/ASIC-collateralized loans since the relationship between hashpower and Bitcoin earnings can be (1) expressed mathematically and (2) more deterministic.

Virtual music artists have been hoping to achieve mainstream popularity for nearly a decade. Although web3 can't thrust these artists into the limelight in and of itself, it can provide better economics (often at the expense of investors) and in-built distribution to them.

Although much of the core technology that @Getantic uses under the hood is becoming increasingly commoditized (e.g. multi-sig custody), @Getantic notably uses customer-centric messaging and branding to offer a high quality top-of-funnel experience.

@TheImmortalGame does not have to rely purely on tokenomics to attract community and build support for its utility token given it has already won buy-in from 50+ chess influencers.

While its true that @OwneraIO could abstract away the complexity of transacting on DLTs (not without increasing systemic risks), it is worth noting that prime brokerages & permissioned settlement networks have already been gaining mind share among institutions on this front.

Currently, music artists have trouble enforcing synchronization rights on gaming platforms and adapting monolithic NFT standards to their needs. @RELICSxyz is hoping to kill 2 birds with 1 stone through its primitive for music NFTs.

This market space is crowded and startups are primarily using one of two strategies to differentiate:

1. Building out an industry-leading feature set (@MagnaTokens falls in this category)
2. Building out a more comprehensive operating system (e.g. governance, bounties, etc.)

Only a handful of market players are offering web3-inclusive customer intelligence platforms currently. It will be interesting to see how these platforms fare against infrastructural developments and personal preferences for privacy preservation.

@HELIX_Metaverse will need to curb AAA gamers' reservations about crypto by showcasing how a crypto-economy makes open world games more immersive since it functions just like a real world economy. It is worth noting that AAA games cost tens of millions of dollars to develop.

In order to minimize counterparty risk, borrowers never maintain custody of loaned assets and must seek approval from a controller to deploy loaned assets. @sentimentxyz's architecture offers a fresh take on how to make DeFi more capital efficient without credit scores.

@arpeggi_labs faces high barriers to adoption given the respective markets for digital audio workstations (DAWs) and beat marketplaces are mature and @arpeggi_labs's differentiation is unclear beyond its packaging of a DAW and a marketplace for beats in a single platform.

Although the market space is crowded, @onmetahq has slimmed down the competition by targeting the India market. In any case, @onmetahq may want to articulate its differentiating factors (e.g. fastest settlement in the market).