I feel like we’re entering an “enterprise blockchain” 2.0 era of sorts, where we’re seeing a ton of companies both within and outside the cryptoeconomy experiment with different ways of building with blockchains, and people are once again becoming skeptical about the value proposition of tokens. “If all this technology is open source, why won’t [insert big company] come in and co-opt it and win?” The difference this time vs the 2016 era, is these companies aren’t all building separate systems from what already exists. They’re building Ethereum L2s, protocols on L1s like Solana, and issuing assets on every blockchain. So now the few generational assets this industry has built, can benefit from the distribution flywheels of centralized exchanges, fintech leaders, and social media giants. There’s still an outstanding question of where most the value will be captured. We’re no longer in the era of every token going up, just because the industry is growing and enterprises like BlackRock, Robinhood, and Stripe are validating the tech. But this shouldn’t be a revelation for an industry that is now firmly in its growth stage, not pioneer phase. Valuations are now at levels where they need to be justified with real economics and believable stories. You don’t get paid anymore for just being super early and figuring out what’s not a complete scam (although even scams worked too for a long time). Anyways, this is an exciting time if you’re willing to put in the work. We’re in the big leagues now and you will no longer find the answers you’re looking for by looking narrowly at the cryptoeconomy. It’s a big world out there and we’re finally starting to shake things up.