On chain: Ok now for the fun part. If you have your portfolio structured properly, then on chain becomes extremely lucrative, BUT ONLY if you structure properly. Why? Because most of you trade on chain wrong. The goal of on chain is outsized returns, that’s it. Grinding PnL is fine to build up a stack, but in a bull environment the only thing you should care about is catching huge winners. Because those winners are what will change the trajectory of your portfolio and your life. Your goal is to have a couple bags that grow so big they eclipse the rest of your portfolio. This will go against common portfolio diversification wisdom, but like Warren Buffet says, diversification is for pussies. Crypto is a reflexive market, meaning the big winners win REALLY big. You only need one or two big wins to change your life, this should be your obsession. Once you catch a big winner, do not full stack ever. You should slowly clip out along the way. If you buy a coin at 5m and it goes to 50m, sell 10%, at 100m, sell 10% at 250m, and so on. Again the big winners win really big, so always leave yourself upside exposure. I cannot stress this enough. Continuing the example above, say by 500m you’ve sold 70% of your bag, and you leave the remaining 30% that you commit not to sell under 3B. If it does get there the remaining 30% will eclipse the entirety of the profits you already took on your 100x. The hardest part about holding large bags, especially once they become a significant % of your portfolio, is holding through the swings. No matter how good the coin, it WILL drawdown 50-70% at some point, if not multiple times on the way up. You need to mentally prepare yourself for that and not panic when it happens. Remember, in crypto you get paid for stomaching volatility. Most people cannot handle these big swings, which is why they never win big. Volatility is your friend, it’s the reason our asset class is so lucrative in the first place. You will get more used to the swings the more you experience them. Eventually you’ll become numb and lose all emotion in more aspects of your life than just trading, but that’s ok at least you’ll be rich.