last cycle relied too heavily on existing category incumbents to adopt crypto and bring experiences to broader consumer. this doesn't work because it can and will never be their main business. 

we're now at a point where native crypto consumer applications have built a healthy base. i believe these companies will shepherd more authentic participants and experiences to consumers, driving the next leg.

Absolutely agree. The last run expected traditional players to integrate too seamlessly into crypto, overlooking the need for dedicated crypto-native ventures. Now, with a strong foundation of consumer-focused crypto apps, we're poised to see genuine growth driven by true innovators in the space.