Crypto has matured. Capital allocators are recognizing that the most successful protocols will be those with minimal or no pre-launch funding, which contradicts venture capital math. Successful protocols typically exhibit a stronger alignment between the token and the counterparties whose value derives from the liquidity and network effects. There’s limited room for $100 million rounds that could potentially return $1 billion. This is perhaps the most bullish thing about 2026. Crypto is becoming what it is supposed to be: transparency, information symmetry, and equal opportunity for participants. I have never been more bullish on crypto. LFG all in 🚀