Competition on-chain in today’s market can only be described as “drizzling rain.”
Many people have already started discussing who will be the next 100x, and which segment will explode.
But the real question is this: over the next five years, who can survive out of a pile of protocols and become a true long-term value protocol.
It’s much like what happened after the dot-com bubble burst.
The burst doesn’t mean the internet has no value—on the contrary.
Real competition has only just begun.
A large number of companies will go under, and capital and users will start concentrating on companies that truly have products, revenue, and network effects.
The crypto market may follow the same path.
The core of future competition won’t be just narratives anymore, but users, assets, liquidity, revenue, network effects, and Token value capture.
Whoever can consolidate these things is the one who may become the next generation of infrastructure.
So I’ve always believed that it’s not an exaggeration to expect a batch of on-chain protocols with market caps in the hundreds of billions of dollars to emerge in the next 10 years.
What’s really worth studying isn’t who’s up the most today.
Instead, it’s who is actively turning itself into the next internet giant—a market that looks already overcrowded now, but in the next decade may still feel like just a light drizzle.
In the future, some protocols may even capture value far beyond exchanges. Their core value-capture source comes from AI agents.
$BTC $ETH #btc #eth
Many people have already started discussing who will be the next 100x, and which segment will explode.
But the real question is this: over the next five years, who can survive out of a pile of protocols and become a true long-term value protocol.
It’s much like what happened after the dot-com bubble burst.
The burst doesn’t mean the internet has no value—on the contrary.
Real competition has only just begun.
A large number of companies will go under, and capital and users will start concentrating on companies that truly have products, revenue, and network effects.
The crypto market may follow the same path.
The core of future competition won’t be just narratives anymore, but users, assets, liquidity, revenue, network effects, and Token value capture.
Whoever can consolidate these things is the one who may become the next generation of infrastructure.
So I’ve always believed that it’s not an exaggeration to expect a batch of on-chain protocols with market caps in the hundreds of billions of dollars to emerge in the next 10 years.
What’s really worth studying isn’t who’s up the most today.
Instead, it’s who is actively turning itself into the next internet giant—a market that looks already overcrowded now, but in the next decade may still feel like just a light drizzle.
In the future, some protocols may even capture value far beyond exchanges. Their core value-capture source comes from AI agents.
$BTC $ETH #btc #eth