For DeFi builders, payments are the entry point to a much larger financial system: Payments → user growth → network effects → capital retention → liquidity → financing. As the system evolves, so does the source of power: first distribution, then liquidity, and ultimately capital allocation. The winners will be those with an edge difficult to commoditize - whether in regulation, distribution, risk management, user quality, institutional access, or product design. Insights from @Stanford Professor @ruizhejia at the @EASYResidency workshop.(YZi Labs)