1/ Some excerpts shared with our investors in our annual letter. Very timely amidst the widespread panic. Frontiers are messy and uncomfortable by definition. If they weren’t, everyone would go - and they’d cease to be frontiers. We still believe in the opportunity ahead. The big picture: Our vision of the future We see a world where some of the most formative technological innovations in our history are coordination technologies. Innovations like language, writing, money, legal codes, democracy, capitalism, the limited liability company, the printing press, railroads, the telegraph, the internet - to name a few - expanded the trajectory and possibilities of humanity in a continual process of progress. At its core, crypto is a coordination technology. And we believe that crypto is another one of these paradigm-shifting forces - one that will touch many parts of our world, from community and culture to capital. Crypto gives us new tools to coordinate human, financial, and technological capital more effectively - enabling humans to do what we do best: imagine and paint the vision of a better future, muster resources behind that vision, and act to make it real. By reducing the friction of coordination, crypto amplifies the impact of harnessing all that's necessary to build together. It blows open the surface area of what's possible. And it does so while simultaneously promoting values that are forces for good - freedom, openness, decentralization, sovereignty, dignity, meritocracy. These world-changing outcomes don't just happen overnight. This vision demands a multi-year, multi-decade time horizon. This long gaze doesn’t just guide where we’re going - it also guides how we respond to the inevitable turbulence along the way. It is this vision, and this time horizon, that inspire the work we do at Comma.