Isrealee

Something I find interesting about infrastructure projects is how they sustain the building process before everything is fully developed. Turtle's Q3 update gives us an interesting example. Turtle and Lunar Strategy generated $1.04M in Q3 revenue, on a cash in basis and net of intercompany. What caught my attention is that this revenue came from services and distribution while Turtle was still building out its infrastructure. During the same period, Hare launched with GSR, with 100M committed over several years. Creator Wire shipped in late August, and Streams went self serve. I think this is an important part of the story. Building infrastructure requires more than developing tools and waiting for adoption. There needs to be actual demand, services being delivered and businesses willing to use what is being built. Turtle's Q3 update also names Hare and Lunar Strategy as the first two businesses outside Turtle running on its tools. That makes the revenue more interesting because there's a connection between the services being delivered and the infrastructure other businesses are beginning to use. There's also a bigger market context worth watching. On November 4, tokenized assets excluding stablecoins stood at $46.1B. But having assets onchain is only part of the equation. Connecting those assets to capital and liquidity is another challenge. That's where liquidity distribution infrastructure like what @turtledotxyz is building becomes interesting to me. The Q3 update is worth a read.