Exclude Circle & Tether, top 8 projects = ~55.5% of revenue last yr. 500+ others share ~44.5%. tldr: • Nothing new. Tether & Circle = best businesses in crypto. Together, make up ($7.4B) over 52% of total revenue. • L1s still dominate: ~1/3 of rest. • Bots are outperforming AMMs • SocialFi kinda flopped. Friendtech, Lens, Farcaster all generated less than a single decent meme bot. Only Farcaster remains relevant at this point. • Infra tolls (Dexscreener, Zeebu) actually monetize decently within their niche. Ethereum still top w/ $943M+. TRON feasting on stablecoin txs, still defacto for that. But the most successful products this cycle are Web3 Casinos. And that’s exactly what the market is rewarding and optimizing for. Pumpfun with $595M. Hyperliquid, pulling in $174M in less than half a year. You also see Phantom ($388M) and Photon ($345M), both outperforming nearly everything else. New UX plays especially for better casino experience (intent-based, bundling, MEV-aware routing) eating trad AMMs. And therefore, new builders are much more incentived to build the next better trading bot and pumpfun. Beside that in general, wallets and infra tools are monetizing well too whether it’s routing, swaps, data, or affiliate flows. You can now make good money just by a frontend without touching core assets. And rounding out the rest of the list, Solana ecosystem products continue to dominate: Jupiter, BonkBot, Raydium, Kamino etc. So it’s evident, this cycle, the market isn’t rewarding ethos, decentralization, resilience. It’s rewarding dopamine loops, sniping flows, and speculative UX for wild desires.