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Connor, Mahesh, Santi, and Jason are joined by Amir Haleem of Helium to explore the evolving landscape of decentralized networks. They dive into Helium’s impressive revenue growth - from $400K to $2.7M per month - driven by its mobile subscriber base, and discuss the complexities of blending off-chain and on-chain revenue. The conversation covers tokenized equity, sustainable business models beyond token sales, and the convergence of crypto with traditional finance. Amir shares how Helium has shifted from a crypto-first approach to prioritizing service delivery and user satisfaction, offering key lessons in product distribution, user retention, and innovative tokenomics.

Timestamps:

00:00 - Introduction

02:25 - Microstrategy and Digital Asset Accumulation 

03:42 - Market Trends: Crypto and Wall Street 

05:03 - Santi's Perspective on Market Efficiency 

06:19 - DePIN Projects and Public Market Strategies 

06:41 - Helium's Potential for Going Public 

08:50 - Cash Flow and Tokenomics in DePIN

12:07 - Helium's Recent Revenue Growth 

12:55 - PMF for DePIN Networks 

18:03 - User Engagement and Helium's Growth 

19:05 - Helium's Revenue Sources Explained 

21:06 - Convergence of Off-Chain and On-Chain Revenue 

24:12 - Learning from Helium's Evolution 

25:03 - Focus on Distribution Over Product 

27:27 - Daily Active Users and Their Interaction 

31:26 - Valuable Users and Helium's Ecosystem 

33:45 - Cloud Points and User Experience 

36:44 - Retention Curves: Crypto vs. Traditional Users 

39:59 - Aligning Token and Equity Interests  

Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.