Over half of all "crypto" spot trading in latam is stablecoins - up from ~30% 18 months ago. Stables + BTC are over 75%. Increasingly the demand for non-BTC and stables outside of small pockets of crypto native speculators is drying up. With a few L1s, defi, and memes taking the rest of the liquidity.

Clear that stablecoins and BTC have the most PMF, but also that for the rest of this ecosystem to survive we need to show real PMF, with protocols that solve a need for real users, and to move away from just pushing forward the casino.