In which direction the crypto industry will go. Analyst 0xKyle from DeFiance Capital's thoughts (liquid fund).

1 The chase for a bet on a promising future L1 blockchain will die (low probability of big wins, as was the case with SOL, SUI, AVAX).

Each blockchain will now need its own specific use case, which will be defined by what is built on it.

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2 Web2 companies will start creating blockchains for their needs, and nobody will stop them (possibly the first sign - Robinhood).

3 Ironically, stocks in cryptocurrency projects (COIN, HOOD, MSTR) might turn out to be a more profitable bet on cryptocurrency than altcoins.

They will grow and bring profits as an expression of optimistic Tradfi sentiments towards cryptocurrency, without direct investments in tokens.

4 Technological development as a main role will not be as popular as it is now.

Projects that focus on building relationships with their community / liquid funds, which will buy tokens on the secondary market, will win.

5 More liquid funds are needed, and liquid funds are generally good because they bring capital and long-term holding; you will also never see a liquid fund investing in something like Milei or anything like that.

6 Classic crypto conferences like ETH Denver are likely to start disappearing. More attention will be on conferences aimed at institutional players, similar to the Blockworks Digital Asset Summit.

7 Tokens that really succeed must show why having a token has allowed them to build some product-market fit. So far, I can only recall about 5 tokens that demonstrate this, and it could potentially attract investments in this area, because you can only get them here and nowhere else.

8 The crypto industry is not going anywhere.

9 The era of legitimate builders is coming; people coming from web2 who have experience and vision are now not afraid to experiment, as the government will no longer oppress them. Exciting times are ahead.

10 Memes will not die, but now they are considered 'low-status'; they need time to start organically taking off again.

People know how to play this game; there are no more blind beliefs.