Edgar - Beyond Price

A question I want to start asking before buying any token:

Who needs to buy it besides another investor?

It sounds simple, but it completely changes the analysis.

If the answer is:
“Someone who expects to sell it for more later”...

then a large part of the demand depends on new buyers continuing to come in.

But I’d rather find tokens where there’s another reason to acquire them:

→ paying for a service
→ accessing resources
→ running infrastructure
→ participating in an economy
→ using an application
→ contributing security to a network

And then comes the second question:
Is that need growing?

That’s where I’d start looking at active users, fees, revenue, resource consumption, organic transactions, and token demand.
Because having “utility” written in a whitepaper doesn’t mean there’s demand.

For me, that difference is huge:

Utility = the token can be used.
Demand = someone genuinely needs to use it.
This Monday I’m going to try to look at fewer charts and ask this question more. 🔎

Which token do you think has one of the easiest-to-prove demands today?

#crypto #Web3

A holder is not necessarily a user.

You can have 100,000 wallets holding a token and still have very little real economic activity behind it.

That’s why, when I analyze a project, the number of holders matters to me... but immediately I start asking other questions:

→ How many are actually active?
→ Do users come back after 30 or 90 days?
→ What volume do they generate without counting artificial incentives?
→ Does the protocol generate revenue?
→ What does someone need the token for?
→ Does demand exist without rewards?
→ Is the ecosystem growing, or just distributing tokens?

Even the number of holders can be misleading.

10,000 users who need a product can be much more valuable than 100,000 wallets waiting for the price to go up.

Price tells you how much the market is willing to pay today.
These metrics begin to show you what might still be around tomorrow.

That’s what I’m trying to find.

Beyond Price. 🔎
#crypto #Web3

☁️ #flux vs #icp

I've been researching decentralized infrastructure for a while, and these two projects tackle a similar problem in very different ways.

FLUX
🖥️ Thousands of independent servers/nodes
🌎 Globally distributed infrastructure
💾 CPU, RAM, and storage provided by operators
🐳 More conceptually similar to a decentralized cloud where you deploy workloads

Internet Computer
🧠 Applications running as canisters
⛓️ Computation replicated across nodes within each subnet
🔥 Applications consume cycles to pay for compute, storage, and communication
🌐 The blockchain can directly serve applications and communicate with other networks

But for me, the truly interesting difference isn't in the technology.

It's in how you measure its real demand.

With Flux I want to know:
What percentage of all that available capacity is actually being used and paid for?

With ICP I can look at things like cycle burn, compute load, canisters, and network activity.

And that leads me to a question:

If they had to evaluate which of these two infrastructures is achieving greater REAL adoption, what metrics would they compare?

Not which has better pricing.
Not which has a better narrative.

Which is selling more useful computation.

$FLUX $ICP

Beyond Price.

I was reviewing the Proof of Distribution for $RONIN and one number caught my attention:

229 registered builders.

At first glance, that sounds excellent.

But Beyond Price, the question I’m interested in isn’t how many builders exist.

It’s:
How many are actually building something that really generates demand?

Because a blockchain can enable hundreds of projects.

The hard part is getting products to show up that:
→ attract users
→ generate organic transactions
→ produce revenue
→ survive without incentives
→ make someone need to use $RONIN

For me, that last part is the key.
Ronin’s success won’t be having more builders.

It will be getting its builders to create demand for Ronin.

Are we starting to see it, or is it still missing?
#RONIN #web3gaming

🎮 I have a theory about Web3 Gaming:

Maybe the token should be one of the last things a game releases, not one of the first.

For years we saw the same pattern:
Token → hype → incentives → players → rewards drop → players disappear.

But a traditional video game has to prove something much harder:

that people would play even if nobody paid them to do it.
That’s the question that keeps growing more interesting to me as I analyze
Web3 Gaming:

👉 If we completely remove economic rewards...
would people keep playing?

If the answer is yes, then NFTs, tokens, and digital ownership can enhance something that already works.

If the answer is no...

maybe we never had a game.

We had an incentive.

What do you think?

$RONIN #web3gaming

🎮 How many games does a gaming blockchain really need?

I’ve been looking at the $RONIN ecosystem and a question popped into my mind.

Is it better to have 50 games with low activity…

or 5 games capable of building communities of millions of players?

I think in Web3 Gaming we’ve been celebrating for too long:

“New game coming to the network 🚀”

when maybe we should be measuring:

→ returning players
→ 30/90-day retention
→ transactions per player
→ money spent in-game
→ how long the game stays active

For me, the next big health indicator for Ronin isn’t simply how many games it has.

It’s how many manage to create players who want to stay.

What would you measure to know if a gaming ecosystem is truly growing?

$RONIN #Web3Gaming

🥱 Crypto feels boring again.

Less euphoria.
Less engagement.
Fewer people talking about altcoins.

And maybe this is precisely the most interesting time to research.

When everything goes up, it’s hard to tell the difference between:
a good project and a good market.

When the market cools down, the differences start to show.
Are they still building?
Are they still bringing in users?
Is there revenue?
Is there real activity?
Is the community still there?

Price can hide a lot of things during a bull market.

A boring market can’t.

Which project are they following now that almost nobody is looking at?

$RONIN
$FLUX
#Web3

🎮 I have a question about Web3 Gaming.

For years, the idea was sold that “owning your assets” was going to change video games.

But I think we started on the wrong side.
A player doesn’t install a game because the NFT is theirs.
They install it because the game is good.

Digital ownership only starts to matter later, after there’s something the player actually wants to keep, trade, or sell.

That’s why I believe the next generation of Web3 Gaming shouldn’t feel like “#Web3 ”.

It should feel like a great video game...
with Web3 quietly working underneath.

Are we finally reaching that stage?

$RONIN
$GALA

Recently, I’ve been comparing two very different approaches to Web3 Gaming.

Ronin is betting on becoming specialized infrastructure for games.

Gala is building an ecosystem that goes beyond gaming: games, music, film, and its own blockchain.

No strategy is “right” on its own.

The real question is:

What does Web3 Gaming need to reach hundreds of millions of players?

🎮 A specialized chain like Ronin.

🌍 An entertainment ecosystem like Gala.

Which do you think has a better chance of winning the next stage of adoption?

I’m reading your thoughts. 👇

$RONIN $GALA

There’s something I still don’t understand about decentralized infrastructure projects.

Everyone talks about the number of nodes.

But almost nobody talks about demand.

What do you think is the most important metric for knowing if a network is truly being used?

• Active nodes
• Users
• Deployed applications
• Revenue generated
• Another?

I want to learn how to evaluate these projects based on their fundamentals, not just the price.

#Web3 #DePIN

I have been investigating $FLUX and there is a metric I would like to understand better.

We know how much capacity the network offers (CPU, RAM, GPU, and available storage).

But how can we know how much of that capacity is being used by real applications?

Is there any dashboard or public metric that shows network utilization, in addition to available capacity?

As an investor, I’m interested in understanding the real demand for the infrastructure, not just the number of nodes or available resources.

#Web3 #DePIN

Today I was exploring the Ronin treasury panel.

Most of the conversations focus on how much money a treasury has.

But I think the most important question is different:
How should that capital be used to generate sustainable growth in the ecosystem?

If today they had to choose a single priority to invest Ronin’s resources in, what would it be?

🧑‍💻 More support for builders and better tools.
🎮 More games and apps.
👥 User acquisition and retention.
📢 Marketing and strategic partnerships.
🏗️ Infrastructure.

Personally, I believe that a good allocation of capital can have much more impact than any short-term price move.

I’m reading your thoughts.
NFA.

$RONIN #Web3

Is the current price of $FLUX worth it to create some #nodos ?

I'm thinking about the Stratus node—any suggestions?

#Web3

We spent months optimizing contracts, wallets, and UX.

But most never manage to get enough users to know whether their product was any good.

I believe the real bottleneck in Web3 isn’t the technology.

It’s trust.

#flux #RONIN

Something I’d like to see in $RONIN:

A place where any builder can publish their project and reach real users.

Not another hackathon.

Not another grant.

A space where the community discovers new applications, tries them, and gives feedback.

Building isn’t the hardest part.

The hard part is getting the first users.

What do you think is needed for that to happen?

#web3

Building a Web3 product has a problem I don’t see with the same intensity in Web2:

Initial distrust.

In Web2, someone tries an app, criticizes it, abandons it, or sends feedback.

In Web3, many times the first reaction is:

“Do they want to empty my wallet?”
“Is it a scam?”
“Where is the risk?”

And that’s understandable. The industry earned a good part of that distrust.

But it also creates a problem for legitimate builders: nobody tests, nobody responds, and almost nobody provides useful feedback.

It’s not enough to build a good product.

You also have to prove, from the very first minute, that you’re not trying to steal from anyone.

That trust cost is one of the biggest barriers to building in $RONIN and in Web3 in general.

How can a new builder earn that trust?

NFA.

#Web3 #RONIN

A blockchain can have low fees, fast transactions, and good technology.

Even so, a builder can still fail.

After several months building in $RONIN , the more I’m convinced that the real challenge isn’t developing the product.

It’s getting distribution, users, and feedback before you run out of time or money.

If we want more applications in Ronin, we also need an ecosystem that helps builders survive.

What do you think is needed most today in $RONIN ?

NFA.

#RONIN #Web3Gaming

Many talk about AI, but few talk about where all that infrastructure is going to run.

That’s where projects like #FLUX try to compete.

The idea isn’t to create another cryptocurrency, but to build a decentralized network where applications, services, and even AI workloads can be executed.

The question I’m asking myself isn’t whether the technology works.

The question is: will there be enough demand for a node operator to have a sustainable business?

I’m going to investigate that thesis over the next few weeks and share the numbers.

Does anyone here operate a node with $FLUX ?

NFA.

Why am I still interested in $RONIN even though the ecosystem’s price and activity have disappointed?

Because I’m still seeing a combination that only a few blockchains have: a well-known brand in gaming, fast transactions, low costs, and experience bringing Web3 products to real users.

I’m also building within the ecosystem, and that lets me see it without filters. There are useful tools, but also outdated documentation, integrations that still fail, and limited distribution for builders.

My interest doesn’t depend only on whether the token goes up.
It depends on whether Ronin can attract new products, help its developers reach users, and create activity that doesn’t rely solely on incentives.

The technology may be ready. The big question is whether the ecosystem can start generating real demand again.

What would need to improve $RONIN to win back your attention?

NFA.
#RONIN #Web3Gaming

I open this space to talk in Spanish about two ecosystems that I closely follow: $RONIN and $FLUX.

I will share analysis, news, gaming, nodes, decentralized infrastructure, and my experience building within Web3.

No hype, no guaranteed prices, and also discussing the risks.

What do you want me to analyze first: $RONIN or $FLUX?

NFA.

#RONIN #FLUX #Web3