I tend to see a few categories of pitches:

1. Incremental improvements to existing apps e.g. prediction markets with a social feed, or a DEX with better MEV resistance

2. Massive improvements over an existing system e.g. prop AMMs

3. Bringing an existing TradFi primitive onchain e.g.
@tether
putting dollars onchain

4. Creating an entirely new financial primitive e.g.
@Polymarket


5. Something completely new

(1) is usually the least exciting to me. Customer acquisition is incredibly hard, and people rarely switch for a 10% improvement.

The others are often investable, and I suspect (4) and (5) will ultimately produce the biggest outcomes. @CremeDeLaCrypto articulates why 👇

https://x.com/jonah_b/status/2056041151593882002