---
type: claim
domain: internet-finance
description: "Reframes crypto's core value proposition away from the payments and digital gold narratives toward capital formation — specifically that permissionless token issuance is the killer app for the AI-native solo founder era"
confidence: experimental
source: "rio, based on @ceterispar1bus (Feb 2026), @TheiaResearch (Feb 2026), and @knimkar (Feb 2026) independently converging on capital formation as primary use case"
created: 2026-03-05
depends_on:
- "[[MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale]]"
- "[[internet capital markets compress fundraising from months to days because permissionless raises eliminate gatekeepers while futarchy replaces due diligence bottlenecks with real-time market pricing]]"
challenged_by:
- Stablecoin volume ($200B+ monthly) dwarfs token launch volume, suggesting payments IS the primary use case by revealed preference
- Bitcoin's $1T+ market cap as store of value suggests digital gold IS the primary use case by capital allocation
related:
- shayon-sengupta
reweave_edges:
- shayon-sengupta|related|2026-04-19
sourced_from:
- inbox/archive/internet-finance/2026-02-25-ceterispar1bus-solo-founder-capital-formation.md
---

# Cryptos primary use case is capital formation not payments or store of value because permissionless token issuance solves the fundraising bottleneck that solo founders and small teams face

The dominant narratives for crypto's purpose are: (1) payments — stablecoins and cross-border transfers, and (2) store of value — Bitcoin as digital gold. Both are real but miss the deeper structural innovation. @ceterispar1bus states it directly: "crypto's main use case has always been capital formation and in the era of the solo founder there's no better technology."

The argument: payments are a feature of the infrastructure, not its purpose. Store of value is a property of specific assets, not a system capability. Capital formation — the ability for anyone to issue a token that represents ownership in a project, raise capital from anywhere in the world, and govern that capital through programmable mechanisms — is the unique structural innovation that only crypto enables. Traditional finance can do payments (SWIFT, Visa). Traditional finance can do store of value (gold, treasuries). Traditional finance cannot do permissionless global capital formation without intermediaries, accreditation gates, and jurisdictional restrictions.

In the era of AI-native solo builders, this matters more than ever. A single developer using Claude Code can build a product but has no access to VC networks, no fundraising experience, and no time for a 6-month raise. Permissionless token issuance through platforms like MetaDAO and futard.io is the only path from builder to funded in days rather than months. Since [[internet capital markets compress fundraising from months to days because permissionless raises eliminate gatekeepers while futarchy replaces due diligence bottlenecks with real-time market pricing]], the capital formation thesis is not just historical — it is accelerating as AI tools increase the supply of builders who need capital.

Three credible voices arrived at this framing independently in February 2026: @ceterispar1bus (197 likes, 19.5K views), @TheiaResearch (Theia Capital, MetaDAO investor), and @knimkar (ex-Solana Foundation, now IFS investor). The convergence suggests this reframing is gaining organic traction, not manufactured narrative.

## Evidence

- @ceterispar1bus (Feb 25 2026) — "crypto's main use case has always been capital formation," 197 likes, 52 bookmarks, 19.5K views
- @TheiaResearch (Feb 27 2026) — "MetaDAO helps Claude Code founders raise capital in days so they can ship in weeks"
- @knimkar (Feb 5 2026) — ex-Solana Foundation transitioning to IFS investing, emphasizing fundamentals and capital formation
- MetaDAO Q4 2025: 6 ICOs, $18.7M volume — real capital formation at scale

## Challenges

- Stablecoin volume ($200B+ monthly) objectively dwarfs token launch volume — by revealed preference, payments IS the larger use case today
- Bitcoin's $1T+ market cap suggests store of value IS the dominant use case by capital allocation
- "Capital formation" includes the ICO bubble of 2017 which destroyed billions — the framing needs to distinguish between good and bad capital formation, not just claim the category
- Permissionless capital formation without investor protection is how scams scale — since [[futarchy-governed liquidation is the enforcement mechanism that makes unruggable ICOs credible because investors can force full treasury return when teams materially misrepresent]], the protection mechanisms are still early and unproven at scale
- The "solo founder" era may be temporary — as AI tools mature, team formation may re-emerge as the bottleneck shifts from building to distribution


### Additional Evidence (confirm)
*Source: [[2026-01-01-futardio-launch-mycorealms]] | Added: 2026-03-11 | Extractor: anthropic/claude-sonnet-4.5*

MycoRealms demonstrates permissionless capital formation for physical infrastructure: two-person team (blockchain developer + mushroom farmer) raising $125,000 USDC in 72 hours with no gatekeepers, no accreditation requirements, no geographic restrictions. Traditional agriculture financing would require bank loans (collateral requirements, credit history, multi-month approval), VC funding (network access, pitch process, equity dilution), or grants (application process, government approval, restricted use). Futardio enables direct public fundraising with automatic treasury deployment and market-governed spending — solving the fundraising bottleneck for a project that would struggle in traditional capital markets. Team has 5+ years operational experience but lacks traditional finance network access.

---

### Additional Evidence (confirm)
*Source: [[2026-03-25-tg-shared-shayonsengupta-2033923393095881205-s-20]] | Added: 2026-03-25*

p2p.me demonstrates crypto capital formation solving a real-world problem: the team raised from Multicoin and scaled 30% MoM to $50M annualized volume across India, Brazil, Indonesia, Argentina, and Mexico. The post argues that 'despite fifteen years of technical progress in making the rails we use every day more performant and more accessible, getting new users to land fiat deposits inside an app is still a sisyphean task' with median conversion under 10%. p2p.me used crypto primitives (zkTLS proofs, segregated liquidity) to build trust infrastructure that traditional finance couldn't provide in emerging markets.


Relevant Notes:
- [[MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale]] — the platform that makes capital formation the primary crypto use case
- [[internet capital markets compress fundraising from months to days because permissionless raises eliminate gatekeepers while futarchy replaces due diligence bottlenecks with real-time market pricing]] — the mechanism behind time compression
- [[futarchy-governed liquidation is the enforcement mechanism that makes unruggable ICOs credible because investors can force full treasury return when teams materially misrepresent]] — the protection mechanism that makes capital formation viable

Topics:
- [[maps/internet finance and decision markets]]