slowly getting through the suck. crypto sitting at $3.5T looks impressive until you remember a big chunk of that is dead capital locked in assets that don’t move the world forward. cardano, xlm, xrp have billions in valuation with almost no real activity behind them. that’s why the comparison to openai’s 800m weekly users feels rough. crypto hasn’t re-priced for reality yet imo. the macro also shows liquidity isn’t flowing (into our bags). M2 went up, btc got some upside, but the rest of the market has been basically frozen. reg clarity coming in helps a ton. but DATs pulled in money and didn’t actually grow the ecosystem or help retail. if private investors can’t get liquid through IPOs, funds don’t rotate and nothing new gets oxygen. but in crypto (esp Solana) founders are building like crazy. infra is the strongest it’s ever been. what’s missing is capital rotating into apps and consumer-facing products instead of the 50th launchpad or another prediction market. we grow when we create new verticals people actually use - not when we keep funding things that extract value instead of adding it. final thought: on a growth-adjusted basis, solana is wildly undervalued btw. the network sees 30–40m monthly active wallets, processes 20–30 million transactions a day, and operates at nasdaq-scale throughput with fees at fractions of a cent -metrics that would command far higher valuations in any traditional frontier tech sector. the ability to support hundreds of millions of daily users is already here, the market just hasn’t priced it in yet. that’s why i’m betting big on solana only. think in decades tho.