The Generalist - What to Watch in Crypto in 2022

Hey friends,

I believe it was February 2021 when I first heard the word “Solana.” Whatever the context might have been – a conversation or a skimmed article – I can’t quite remember. Had I gone any further, I might have learned what Solana was, why it was interesting, and indeed, what a single token cost. I might have discovered that it was a new Layer 1 protocol built for speed at scale, that some of the smartest builders and investors were backing it, and that it was priced at about $6.50.

The next time I heard about Solana it was late May. Over a walk in San Francisco, David Rosenthal of Acquired shared what he’d learned about it and why it was compelling. That was enough to pique my interest, but regrettably, not enough to buy any. At the time, Solana traded around $27.

In August, I published a trilogy on crypto exchange, FTX. As part of it, I got to talk to some of Solana’s early adopters, including Sam Bankman-Fried and Kyle Samani. SOL hit $33.

Two weeks later, my friend Packy McCormick published his piece on the protocol. At $70, I finally bought my first Solana tokens, and set up a recurring purchase.

My reason for sharing this anecdote isn’t to reveal that I am an idiot. (Though, in this case, I may be.) More so, it’s to illustrate how many times a topic must be discussed before it truly sticks. Even when it comes from someone you admire and respect, it can take a long time to break through the noise.

Today’s piece is an attempt to short circuit that process for us all. Rather than waiting to happen upon the most interesting projects and trends in crypto this year, I’ve asked some of the smartest people I know to share the things they’re keeping an eye on. Moreover, I’ve asked them to explain what it is that excites them about their pick, to help us go beyond the sheer recognition.

While this is certainly not investment advice—if you would like proof of how volatile this sector is, you need only review the drawdown over the last few days—by the end of today’s piece, I hope you’ll have a sense for what’s worth paying attention to this year.

Jump in to hear where Aaron Wright, Alexis Ohanian, Andy Weissman, Annika Lewis, Brian Flynn, Chase Chapman, Chris McCann, Cooper Turley, David Phelps, Eshita Nandini, Fiona O’Donnell-McCarthy, Gaby Goldberg, Hanel Baveja, Jackson Dahl, John O’Connell, Julia Lipton, Ken Deeter, Li Jin, Maria Shen, Matt Shapiro, Richard Chen, and Tina He see opportunity in 2022.

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WHAT TO WATCH IN CRYPTO IN 2022

Actionable insights

• Sovereign data could change the internet. Projects like Ceramic allow users to take their data with them across the internet. Two contributors highlighted this open-source protocol, describing how it could change how we build and interact with on-chain applications.
• Music NFTs are heading for a breakout. It may be the year of the ear. If 2021 saw the proliferation of profile picture NFTs, 2022 could elevate music NFTs. Musicians, fans, and vertical NFT marketplaces like Catalog could all win big.
• DAOs may be used to tackle hard problems. DAOs can do more than simply bid for the US Constitution; they may be how the next life-saving drug is developed. VitaDAO, committed to researching longevity, may prove to be a pioneer in the budding "DeSci" movement.
• The infrastructure phase is ramping up. Existing infrastructure has struggled to keep pace with increasing crypto adoption. Better rails are needed to unlock the next stage of growth. On that front, Pocket Network may prove essential. The multichain protocol facilitates decentralized cloud computing around the world.
• Wallets go beyond transactions. Existing crypto wallets like MetaMask have been built to process and track transactions. Increasingly, however, wallets serve as a place to track digital goods and experiences – becoming an extension of identity. That may benefit newcomers like Genesis.

IN A MEME
​​For the pictorially inclined, here's the whole piece — all 6,600 words of it — in a single meme.

PUZZLER
​​All guesses welcome and clues given to anyone that would like one. Just respond to this email for a hint. As a note, today’s puzzler sits on the fence between riddle and joke. Still, I think it’s rather clever.

Greg K is on a bit of a roll. Not only was he our fastest respondent last time around, he repeated the feat with our latest conundrum. He was joined by a crew of fellow riddle-crackers including Joe H, Ruan S, Vatsal G, Calvin T, Aaron M, Dan M, Keith N, SN, and RC. They correctly unraveled this numerical bamboozler:

The answer? 888 + 88 + 8 + 8 + 8 = 1000. I am quite certain I would have struggled with this one.

It’s a little warmer in Brooklyn today, which means it feels like a decent time to listen to a podcast and go for a long walk. I hope you have some unexpected sunshine, wherever you are.

Until next time,

Mario