There’s a real risk the on-chain opportunity is already cooked this cycle. Sure, there’ll be small wins, but just holding majors is now outperforming trenching. Liquidity’s shifted entirely CEX-side - and that’s a problem. There’s no outsized edge in showing up every day anymore. Prices are high, sure, but retail-driven asymmetry is gone. Our tokens got 'price go up' from institutions, but most people are sidelined, and there’s no on-chain trickle-down of liquidity. That's why everything feels 'off' and there is no current narrative. It’s actually super hard to make a bag, even though every signal says it shouldn't be.