Wall Street Giants: Meet these two conditions, and there will be an altcoin season.

In the podcast The Rollup, I spoke to the portfolio manager of VanEck, a major asset management firm on Wall Street, who shared his views on the current cryptocurrency landscape. I have summarized the points as follows:

99.9% of tokens are garbage.

——Currently, the market capitalization of altcoins exceeds 700 billion USD, but most have no revenue, no applications, and no value.

Institutional entry? It only looks lively.

——What you think they are doing is buying tokens; in fact, they are 'building products', not taking over, but paving the way.

Tokens without revenue are just leftovers of the internet.

——Projects that cannot be monetized will eventually be eliminated; tokens ≠ stocks, there must be a clear return path.

Profitable projects ≠ worthy investment projects.

——The DApp you enjoy using may have tokens that are worthless; the truly good investments are projects that can lock in users and charge fees.

More important than a 'bull market' is whether you can charge fees.

——If you are afraid to charge fees, it means there is no moat, and thus no investment value.

Altcoin season has not arrived; it's just an illusion of market rotation.

——Currently, it's just market rotation, not yet altcoin season; the prerequisite for this situation is: declining interest rates and renewed market liquidity.

Once stablecoin legislation is passed, it will ignite enterprise-level adoption.

——Stablecoins may become a tool for companies to reduce costs and increase efficiency, with gross margins potentially increasing by more than 20%.

Tokenized stocks are the next big trend, IPOs will be revolutionized.

——In the future, companies will not issue stocks, but rather 'tradable tokens' to reward users, achieving a win-win through dividends.

User relationships = the gold of the on-chain world.

——Chains without user relationships will ultimately be commoditized and abandoned.

The real killer application may not even be on-chain.

——Future 'ChatGPT-level products' will not be branded as crypto, but will quietly use off-chain technology combined with on-chain.