What if we aren't entering another frenzied bull market, but instead are at the start of a cycle that will be longer, slower, and bigger?

My case that crypto is hitting a turning point towards coherent growth and institutional recomposition:

https://words.jonhillis.com/crypto-is-entering-the-deployment-phase/

“The very success of the successful generates enormous wealth and concentrates it in a small proportion of the economic agents, who in turn want to multiply their wealth at the same vertiginous rate at which they made it.” — Perez, Technological Revolutions and Financial Capital

And we wonder why alt L1s keep getting funded…

It's true that the success of the already successful tends to perpetuate wealth concentration and create a cycle of wanting to multiply wealth even further. This can lead to a lack of investment in new and potentially innovative technologies, which is why alternative ways of funding, like alt L1s, may be necessary to support new advancements and ideas.