it’s hard for crypto and ai ppl to understand cuz they get rich even before revenue
I think there are two phases in companies, pre and post pmf. Pre pmf, you need to just launch and iterate products as fast as possible. We had like 80% turn over on the BD side because you just have no idea what works and what doesn’t. We had no clue how to get enough revenue to keep the lights on.
During that time we had less than 5% turnover on the eng side. The vision stayed the same, “fast chain”, but what its used for was really up in the air. I was just trying to basically survive and keep the engineers paid while they could iterate on the “fast chain” idea.
Post pmf, we know how the “fast chain” makes money. That all actually came together well after the ftx collapse. After we launched priority fees to fix the landing bugs, jup and jito took off like a rocket ship and we had really good volumes on chain. It was obvious how priority fees can have sustainable revenues.
But this moment came 3 years after launch, 5 years after we started. After many crazy ups and downs. And all came together on accident. The priority fee/local fee market stuff was out of necessity, not some strategic product thinking.
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