# Thesis: Long tail of TokenFi will end up on IBC

***tldr;*** In a multichain world, the Cosmos/IBC stack provide the most 'sovereign' stack for the long tail of weird tokens and assets (think Akash). These will need to be traded so there is space for AMM's to (e.g Osmosis or ThorStarter) to provide liquidity

## Questions
* How are we tracking this?
* Ecosystem market cap on crypto slate [https://cryptoslate.com/cryptos/cosmos-ecosystem/],
* Developer traction through GitHub [https://docs.google.com/spreadsheets/d/1-4t4Xa3z3MU28Y4YePJN0PkdgcnHovBeqF0b6FptID8/edit#gid=0]
* Where will the value accrue?
* Cosmos doesn't seem likely to pick up a disproportionate share of the value
* Each application will likely capture a large portion of the value it creates
* How big an opportunity is this (Billions)?
* <s>0-1</s>, <s>1-10</s>, 10-100+
* The long tail of finance and online services could conceivably all end up here which would be large

* Timeframe around this thesis?
* <s>Days</s>, <s>Weeks</s>, <s>Months</s>, Years

## Implications

2 ways value could end up here, bridges or creating a token that has value out of thin air (e.g osmosis). If B, the projects will neeed ways to swap tokens between