David

Yeah, so the inspiration for talking about this, a good friend of mine, Dougie over at Fickman Capital wrote a great piece on this, which went super viral on crypto Twitter, and it was titled Crypto is Dead.

And to really summarize it, and I do believe this will be defining trend of 2026, is we're just going to

trend towards moving away from this terminally online points farmer type of persona who's flipping between X Telegram and Discord.

And it'll be this shift away from that user towards just crypto will become ubiquitous infrastructure and powering cross-border payments and yield and everything in between you could possibly think of.

And I think people are just very tired of, you know, the scams, the rug pulls.

Eric Adams recently launching the NYC token.

I don't know what that was about.

Right.

And people understand that, like, OK, we have, you know, we have that side of things.

We have the altcoin market and this market full of lemons problem, which has occurred.

And everybody's just a lot more keen, I feel like, as a whole to move towards this just more proper builder direction, I guess.

I do believe it's a new era, right?

And I think a lot of that is driven by regulation, but the other half of it is truly driven by sentiment as well and this fatigue that's existed.

Yeah, there is one more thing that I'm very excited about.

moving into this year and hopefully even beyond that.

And that's the entire capital stack moving on chain, right?

We have everything from pre-TG perpetuals to hyper-efficient DEXs to discoverability infrastructure.

And when you have the entire capital stack on chain, I do believe centralized exchanges will lose power.

And that's very, very positive for the space.

A lot of the space has been beholden to the centralized exchange listing committees.