This cycle actually feels pretty simple vs the last one

Capital is concentrated like a barbell
> Memes & Speculation on the left
> Onchain AI, DeFi, RWA, Payments on the right

2 things happen
1. Launchpads & DEXs capture value from trenching activity
2. AI, DeFi, RWA, Payments/Neobanks extend crypto moat outside of CT

And you know what the best thing is?

10/10 literally cleansed most teams out of the industry

The only ones left are teams that either
> they have found PMF + whose tokens haven't really re-rated
> OR they're on the verge of PMF + tokens at rock bottom price

It's a good time to be investing

https://x.com/0xJeff/status/2098366103130906628