Santiago Santos: My New Crypto Investing Playbook

Crypto's valuation disconnect is real.

Santiago Santos breaks down why tokens don't compound value like equities, how infrastructure became commoditized, and where actual value capture happens now.

DeFi applications are criminally undervalued while L1s trade at 90% of market cap despite shrinking fee share.

We cover:

- Why Infrastructure Became Commoditized
- The Token vs Equity Design Flaw
- DeFi Apps Are Criminally Undervalued
- L1s Capture 10% of Fees But Hold 90% of Market Cap
- Hyperliquid's Equity-Like Model
- What Crypto-Enabled Businesses Will Win
- The Next Wave Beyond Stablecoins & Perps

The Rollup