My fat participant thesis: I believe money will flow towards protocols with distribution. Every cycle leaves a trail of burnt capital and a clearer understanding of where true value flows next. The speculative reflex that defined the last few metas: - $SOL ecosystem rotations - meme liquidity loops - perp DEX mania - farm-and-dump incentives They are all exhausted. The next meta will be a rotation from high-beta speculation to high-trust utility. TLDR where attention is liquidity and right now: • There’s little bid for old narratives (L1 wars, DeFi 1.0, liquidity mining). • There’s no trust in new games like $PUMP, Solana microcaps, layer rotations. • There’s no clarity on utility chains (Base, Blast, Sui) because the users aren’t sticky. The winners will be: • Apps with embedded financial utility (neobank, stable yield, payment rails). @useTria @UR_global @ether_fi @pieverse_io - $ETHFI • Assets with CEX distribution (discoverability and retail inflow). @SolvProtocol @edgeX_exchange @Mantle_Official @SoSoValueCrypto @WeRoam - $SOLV $MNT $SOSO • Protocols that turn attention into yield (socialFi, AI operators, privacy rails). @brevis_zk Retail is thin, but fatter participants like funds, treasuries, whales, trading desks are re-entering: • AI x Crypto convergence will shift towards yield; inference markets, compute staking, agentic trading networks. @almanak @gizatechxyz @AlloraNetwork @TitanSmartTrade - $GIZA • Real-world yield and tokenized cashflow assets will bridge off-chain credit with on-chain verification; expect “T-bill-as-a-protocol” to quietly become the biggest winner of this phase. @OndoFinance @plumenetwork @OpenEden_X - $ONDO, $PLUME, $EDEN • Data, compute, liquidity, and labor will all become tokenized markets with native monetization layers. @codecopenflow @brevis_zk @grass @OrochiNetwork - $CODEC, $GRASS, $ON • Fat participants are already seeding infra that creates continuous transaction flow.