The article argues that crypto is overvalued because it lacks the strong network effects seen in successful platforms like Facebook. It highlights that crypto users are priced significantly higher than Meta's, despite lower retention and monetization. The author concludes that current valuations reflect an unrealistic expectation of future growth and network benefits.

Figure Technologies, founded by Mike Cagney, is aiming for a valuation of over $4 billion in its upcoming IPO, seeking to raise up to $526 million. The company, known for its blockchain-based home equity lines of credit and its recent merger with Figure Markets, will trade on Nasdaq under the ticker FIGR.

Blockchain.com is in discussions to go public through a SPAC listing, with Cohen & Company Capital Markets advising the company. The potential valuation remains unclear, but Blockchain.com has experienced significant valuation changes over the years, raising funds at various levels amid market volatility. The move comes as more crypto companies seek public listings, indicating a growing trend in the sector.