entering the period where it'll payout the most to be optimistic because crypto is so heavily driven by speculation & retail participation, the boom/bust cycles are extremely exaggerated. combine that with 2020-21 cycle's covid-zirp mania + cambrian explosion of interest in defi for the first time and we have overhang of infra investments that went a lot higher than they should have so even though we have meaningful successes this cycle with: • breakout applications competing with top apps globally (hyperliquid, polymarket, pump, axiom, ethena) • real improvements on the regulatory front with GENIUS act & complete sentiment shift on public usage of crypto • meaningful trends in increased usage of defi applications & stablecoin usage globally the general sentiment has been poor because most CT natives did not make as much money as previous cycles, and a lot of newer participants lost money on memecoins + underwater on ETH from last cycle -- although the group of big winners is always smaller than losers in markets, this cycle it was extremely exaggerated as the sharps made a lot of the money & overall holding crypto was demonstrably worse than holding tech stocks like nvda/pltr/hood etc (even more so since 2024) crypto is competing with AI for attention & even though the thesis around crypto being a transformative technology has been proven, we are also competing with tech megacorps realizing this and devoting their orgs to also using this technology the best they see fit -- so we are transitioning from the infra supercycle to the application supercycle, and your 1000x return period for just being early to crypto is over which everyone is realizing at the same time -- although this is true it's apparent that now is a better time to be building apps utilizing crypto rails moreso than any other time in its history, but since crypto's success has been so closely tied to how much number go up, that isn't evidently clear to retail who is down 80% on TRUMP & 90% on berabaddies coin

OSF explains how the REKT liquidation cascade unfolded “IMF allows for the borrowing and lending of memecoins, at one point 5% of the REKT supply was used as collateral. As soon as one liquidation hit, it created a liquidation cascade” https://t.co/PGLyebcjip