… us to reach conviction around an investment opportunity before we ever even spoke to the founders. Worth noting that when we recently looked at CEO demographics, we found that 42% were female and the majority nonwhite.
…er of tokens available for exchange between users is indirectly decreased. And this is symmetrical: when prices deteriorate because of some negative fundamental event (i.e., the product is not attractive enough for use) and investors choose to abandon the token and liquidate their positions, a second-order effect follows when a larger pool of tokens floats and utilization per token drops. It can lead to a downward spiral in which investors’ decisions cause underutilization of tokens exchanged, leading to lower network value and causing additional investors to flee.