StacyMuur

My CT wrapped card from @KaitoAI <3

Interesting data here.
Shows perfectly the bet of the capital.

Most important charts of 2025 series:
It's inevitable that crypto will become more centralized revenue-wise.
Now decentralization of usage is heavily driven by incentives, not actual use demand.
So as the airdrop era is fading, we'll see more concentration of power in the hands of the category winners.
Sad but true news.

Amazing visualization here.
Fees vs. FDV.

Ngmi :(
s/o @mementoresearch

Most important charts of 2025 series:
If the product is good enough, it doesn't take long for it to reach a PMF.
32 new protocols reached $100M in <1 year in 2025 alone.
That's a huge unlock for Web3.
Good news.

Lol, 3 a.m. for me.
Prompted ChatGPT on the AI-related phrases that make everyone mad.

2025 = The year when they said "yes" to crypto.

Most important charts of 2025 series:
So many launches this year – but so few are good.
Supply inflation is real.
And no one is winning from it.
Sad news.

I have a strong feeling that fully private + permissionless is a big thesis for the next few years.

Most important charts of 2025 series:
Chains are no longer the killer app. They are in the efficiency zone now: More usage, lower fees, lower FDVs.
A thesis of potential narrative repricing here.
Alpha news.

Most important charts of 2025 series:
Bitcoin is now an institutional asset, not an alternative to the TradFi system – but an asset that is a part of it.
US spot BTC ETFs have already attracted over $90B, with ~1M BTC on balance sheets of ~190 public companies.
Good news.

Most important charts of 2025 series:
Non-trading fee revenue is the new moat.
Coinbase rev = Stablecoins (44% of non-trading), staking (27%), subscriptions (19%), fees (10%).
CEXes → Superapps.
Alpha news.

Btw, @Grayscale's 2026 Digital Asset Outlook landed, and it's quite a bullish institutional take.
The thesis:
The four-year cycle is dead (the theory that crypto markets follow recurring boom-bust patterns tied to Bitcoin halvings).
What's replacing it? Steady institutional accumulation that will push Bitcoin to new all-time highs in the first half of 2026.
Two forces are colliding to make this happen:
1️⃣ Dollar Debasement Risk (Macro Push)
US debt spiraling toward 100%+ of GDP is eroding confidence in fiat currencies. Investors are turning to programmatically scarce assets like Bitcoin and

Most important charts of 2025 series:
The new revenue layers are emerging, beyond trading.
Watching AI, stablecoin infra, and other DeFi primitives as a new gen of successful business models with a PMF.
Alpha news.

Merry Xmas, my fam <3

This is still a thesis.
Nobody wants non USD stablecoins.