dYdX Founder Believes Crypto Market in US May Not Justify the Effort
dYdX Founder Suggests Crypto Developers Prioritize Markets Outside the US for the Upcoming Decade
Antonio Juliano, founder of the decentralized exchange dYdX, recently voiced his opinion to his 49,400 followers on social platform X about the challenges and regulatory uncertainties crypto developers face in the United States. Juliano suggests that these complexities might not be worth navigating in the present moment.
He recommends crypto innovators to focus on international markets, suggesting that the majority of the crypto market exists outside the US borders. By cultivating and refining their products overseas, developers can achieve a better product-market fit (PMF) and then re-approach the US market with more influence and strength in the future.
Juliano emphasized the significance of having a robust PMF, pointing out that achieving it doesn't require perfect distribution. He noted several large markets outside the US where developers could trial and improve their offerings. While acknowledging the importance of shaping friendly crypto regulations in the US, he mentions that real change could be faster if crypto offerings were so compelling that they garner undeniable consumer demand.
While policy influence is currently limited due to crypto not having large-scale global usage or an evident PMF, things can change if users start seeing indispensable value in these products. He believes that when products gain significant traction, users, who are essentially voters, will rally behind them, emphasizing the necessity of such offerings in their daily lives.
Concluding his views, Juliano stated that the essence of cryptocurrency resonates with the foundational values of America. In his words, the decentralized financial system epitomizes the spirit of America — a system created for the people, by the people. He ardently believes that with time, Americans will recognize and embrace the alignment of crypto with US principles and values.
Aug 28, 2023
