The Rollup Santiago Santos: My New Crypto Investing Playbook
Feb 12, 2026
Santiago Santos, founder and investor focused on crypto valuation and token design, explains why tokens fail to compound value like equities. He explores commoditization of infrastructure, how L1s capture few fees despite large market caps, and why DeFi apps look undervalued. He maps where crypto-enabled businesses can actually win and what the next wave beyond stablecoins may look like.
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Tokens Don’t Compound Like Equities
- Tokens generally fail to compound value the way equities do because they were not designed under equity-like regulatory frameworks.
- Santiago Santos argues this structural design gap explains much of crypto's valuation disconnect despite adoption.
Prefer Crypto‑Using Equities Over Tokens
- Position into companies using crypto infrastructure (equities) rather than betting on tokens that may not capture value.
- Santiago recommends preferring equity exposure to crypto-enabled businesses for compounding returns.
L1s Hold Market Cap, Lose Fee Share
- Layer‑1s hold most market cap while capturing a shrinking share of fees, shifting revenue downstream to DeFi apps.
- Santiago calls this a mispricing and sees a long trade on applications and a short on commoditized infrastructure.