Here is a recent conversation between myself and a good friend who runs a venture fund.
Me: “How are the portcos? Still doing well?”
Him: “Yeah ton of good progress across the board”
Me: “How is the env for them to raise?”
Him: “Really the only thing that matters…is that…good businesses get funding regardless of environment”
That conversation stuck with me.
In public markets, we obsess over macro, cycles, and liquidity flows. But at the end of the day, good businesses are good businesses, regardless of backdrop.
Full disclosure: I have been buying Paradex XP OTC and this is not a price call or a recommendation.
While not a price call, current XP pricing seems to embed an assumption that the Paradex model remains niche or transient rather than structurally enduring.
Some Background
There’s been a lot of noise lately around perp DEXs, and honestly, most of the debates feel like they’re stuck going in circles and leave much to be desired for those who are intellectually curious.
When 90% of these platforms are copy/paste forks of whatever came before, you inevitably get derivative conversations and no progress.
But th
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