The playbook that worked in previous cycles isn't working anymore. Certain sectors outperformed while the majority of the market lagged. The result is a huge disparity in returns versus the shared winning experience people were conditioned to expect. Part of this is market maturation. But something else changed too. No Longer the Only Game For years, crypto was the default destination for speculative capital looking to venture out on the risk curve. That's no longer true. Private investment in generative AI hit $35 billion in 2024, up 8.5x from 2022. Robotics startups secured $2 billion in Q1 2025 alone. For every dollar of new liquidity, there are now far more investable growth assets competing for it. Crypto isn't just competing with other crypto anymore. It's competing with every exponential technology narrative vying for speculative dollars. This shows up in the data. Over the past 24 months, crypto equities have outperformed the majority of altcoins. Institutional capital has been more interested in spot ETFs and stocks like Coinbase, Robinhood, and Galaxy than the tokens themselves. Crypto equities effectively vampire attacked a portion of the bid that would have otherwise flowed into altcoins. The Infrastructure Layer is Commoditizing Meanwhile, the fat protocol thesis is eroding. The thesis was that infrastructure captures value while apps remain thin and interchangeable. That made sense when blockspace was scarce and protocols had pricing power. It makes less sense when DA is racing to zero, execution is fragmented across rollups and appchains, and MEV is being abstracted away by apps that want to keep the value for themselves. Real Economic Value (REV) is becoming the metric that matters. Actual fees paid by users that flow back to token holders without dilution doing the heavy lifting. The Macro Regime and Crypto The liquidity regime that defined crypto's struggle over the past two years is reversing. Whether crypto responds is another question. After removing $2.4 trillion from the system since 2022, the Fed halted QT in December. Combined with rate cuts priced through 2026, this is the first net positive flow environment since early 2022. The BTC/Gold ratio is now at a historically low level. Gold is pushing past +2 standard deviations on liquidity measures while Bitcoin is nearing bear market levels on the same metrics. The monthly RSI on BTC/Gold is the most oversold it's ever been. The underperformance can be rationalized in many ways: quantum fears, OG whales selling, lack of a market structure bill. But the data points to something more mechanical. BTC is currently inversely correlated with gold and the Japan 10Y, while gold is directly correlated with JGBs. Both gold and Japanese government bonds are experiencing statistically significant moves, pushing 2-3+ standard deviations from historical norms. When you're dealing with moves that extreme, correlation laws suggest you should also expect abnormal underperformance in related assets. BTC has always lagged gold. Once the JGB situation eases and the BOJ and Fed find a way to stabilize the carry trade, the pressure on gold and commodities should ease. That could be the real opportunity for BTC. Stablecoins Are the Real Use Case Stablecoins have become the largest use case in crypto. Monthly adjusted stablecoin volume has eclipsed both PayPal and Visa. Total supply crossed $304 billion, up 33% from last year. Stablecoin reserves now hold ~$133 billion in US Treasuries, making them the 19th largest holder. The entire payment stack is compressing as a result. We're moving from a world of card networks, acquiring banks, issuing banks, and settlement windows to programmable onchain settlement. Stablecoins remove intermediary hops, simplify reconciliation, and enable compliance as a native feature rather than an afterthought. Value is Migrating to the App Layer If infrastructure is commoditizing and liquidity is returning, value could flow to the apps that own the user relationship. Coinbase, Robinhood, Binance, and Hyperliquid are all racing toward the same destination from different starting points: the aggregation layer. Crypto has a structural advantage here. When Block wanted BNPL, they paid $29 billion for Afterpay. Crypto superapps just integrate Aave for lending and route through Hyperliquid for perps, earning a cut via builder codes rather than paying for acquisitions. The largest FinTechs are going further. Rather than rent blockspace from existing chains, they're building their own. Stripe launched Tempo earlier this year, a chain built for payment velocity with native stablecoin gas fees. Robinhood is taking a similar path with its own L2 for tokenized equities. Previous cycles didn't have enough to do onchain beyond directional token bets. Now there's prediction markets through Polymarket, onchain credit, deep perp liquidity, and more. Everything you need to run your financial life through one interface exists now. RWAs are a big part of why this is working. In January 2025, there was roughly $15 million in tokenized stocks onchain. Today there's over half a billion. Anyone can hold equities in a self-custodied wallet without a brokerage account. Equity perpetuals have scaled even faster. Platforms like @HyperliquidX, @OstiumLabs, and @VestExchange now offer leveraged exposure to stocks, indices, commodities, and FX. CFD brokers move tens of billions in daily volume outside the U.S., and retail options flow increasingly reflects simple directional bets rather than volatility trading. Perps are a cleaner instrument for both use cases. The result is that brokerage accounts are quietly being replaced by self-custodied wallets. Stocks, crypto, FX, and commodities all sit in the same interface. Settlement, margin, and custody live entirely on crypto rails. The era of passive allocation to "crypto" as an asset class is over. BTC is decoupling into its own category as a macro asset. Protocols with genuine fee capture are sustaining outperformance where narrative alone cannot. Stablecoin infrastructure is becoming the bridge between crypto and everything else. Our 2026 Year Ahead Reports are unlocked for everyone thanks to Polymarket. Read the Infra Report here.

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

Want to model how token unlocks affect price? Sell Pressure lets you stress test your token's unlock schedule against different liquidity conditions and selling behaviors for free. Here's how it works. https://t.co/QGFhJbv6dR

Name & Symbol: TokenFi ($TOKEN)
Address: 0x4507cef57c46789ef8d1a19ea45f4216bae2b528

Congrats to DoubleZero on the launch today. One of the coolest truly novel net new primitives I’ve seen in crypto recently Disclaimer: Delphi Ventures is a proud investor in 2Z

Name & Symbol: DoubleZero ($2Z)
Address: J6pQQ3FAcJQeWPPGppWRb4nM8jU3wLyYbRrLh7feMfvd

Finally had a chance to listen to this interview on a long flight with no distractions And I think I absorbed the key point which is IF a platform can pay small creators AND be profitable, it will be huge - not crypto huge, but internet huge Long $PUMP

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

pump is outperforming all majors & comps since ico https://t.co/ASxDhJSC8c

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

Delphi subscription continues to pay for itself with people like @that1618guy doing TA, @0xLTR calling Mantle, @simononchain beating the drum on $PUMP nonstop, and the rest of the research team cooking 24/7

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

charts im interested in rebuying on a pullback - $PUMP - $MNT - $AVAX - $SOL Will share some TA on these shortly 👀

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

$PUMP and $HYPE are crypto's biggest revenue generators, each using ~100% of revenue to buy back their tokens at current market caps (using trailing 30d numbers) pump is buying back nearly 3% of its unlocked supply each month, while hyperliquid is buying back ~0.7% annualized - pump is effectively removing 34% of current market cap from circulation while HL is doing about 8.4% expecting pump to continue to rerate higher and for these multiples to converge, albeit hype will likely still trade at a premium with competitors unable to retain volumes and market share, pump has cemented itself as the launchpad leader and can sell their grander vision without challengers muddying the waters clear market dominance makes it easier for participants to buy in and for PUMP to expand valuation potential as they sell bigger ambitions beyond just being the dominant launchpad

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

Everyone knows @a1lon9 But @pumpdotfun actually has three co-founders We hosted @sapijiju for his first-ever conversation about $PUMP Timestamps 0:00 Intro & Noah's Crypto Journey 7:15 Learning from Failure to Product Market Fit 11:20 Crypto's Lack of Innovation 16:30 Current Creator Models are Broken 18:00 Pump's Content Vision 23:00 Pump as a Product First Operation 25:00 Growing the Pie for Streaming 29:00 Innovating on Content Distribution 34:00 Letting Content Grow Organically 37:40 +$1.5B worth of SOL is locked in Pump Liquidity Pools 40:20 Creating a Global Impact with Pump 42:20 What could Pump do with its Warchest? 47:00 The Pump Buybacks 51:00 Why People use Pump 54:00 The Culture Shift of Crypto 57:00 Traditional models no Longer Work 59:00 The Cycle of Human Nature

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

new hivemind with @kaledora got her to pitch us on why the perpification of rwa’s will beat out tokenization of rwa’s

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

How does the Zora flywheel work? The term "flywheel" is overused in crypto, but Zora's tokenomics model is worth a closer look. Zora is engineered around a simple 3% fee on every trade: 1% to the creator, 1% to Zora, and 1% to the Liquidity Positions (LP). Every asset on the platform is directly or indirectly paired with the $ZORA token. Content coins are paired with creator coins, and creator coins are paired with $ZORA. This gives ZORA two distinct value accrual forces: fees and sinks. As the ultimate base pair, half of the fee to LP (0.5% of every trade) is effectively a buyback of $ZORA to be added to the liquidity pool. Since Zora and creator rewards are distributed in ZORA, all fees flow through and impact ZORA in one way or another. 2.5% of each trade results in immediate ZORA buy pressure. To understand why this design is so robust, we can look at Virtuals which inspired this model. Virtuals also had a powerful flywheel, but it was dependent on the initial launch and "graduation" of new agents from its bonding curve. Once major agent tokens matured, liquidity became fragmented and moved to more capital-efficient pools on Uniswap v3 or against other assets like USDC. This weakened the token sink aspect of the flywheel. Zora learns from this by routing trading volume through its official, canonical pools, preventing the liquidity fragmentation that Virtuals experienced. The result is a persistent token sink for $ZORA over the entire lifecycle of a creator's coin, ensuring that ongoing volume fuels the flywheel. Some may argue that a 3% swap fee is too high to sustain volume. However, there is precedent for this. During its peak, the NFT market thrived with $5B monthly volume despite ~10% fees. The Solana trenches all-in fees approach 3%: - Tokens graduate into 1% fee pools - The refined consumer-app interfaces (Phantom/Photon/Axiom) charge a 1% fee - Poor liquidity conditions, MEV, and socialized losses from snipers likely amount to 1%+ At its bear case, Zora is just a repackaging of the trenches with better tokenomics, distribution and branding. Zora brings hidden costs to the forefront and retains the value within the ecosystem. Trading volume of Zora coins will be the key metric to watch as the flywheel gets going.

Name & Symbol: Zora ($ZORA)
Address: 0x1111111111166b7fe7bd91427724b487980afc69