I keep coming back to one thought: Maybe the next big crypto trade isn’t another token. Maybe it’s the infrastructure underneath them. Look at what’s happening right now. ➼ @ethena is taking $USDe + $sUSDe to $TRX , where there’s already ~$94B in stablecoins. ➼ @StanChart is covering $SKY and calling Sky “DeFi’s federal bank.” ➼ @HyperliquidX is sitting around $14B+ in open interest with billions in perp volume. ➼ @RenzoAI is building a basis trade directly around that liquidity. ➼ @MoneyGram + @Visa are putting stablecoins into an actual spending product. ➼ @aeroxyz is doing hundreds of millions in DEX volume on Base. Different products. Different teams. Same underlying direction. More dollars moving onchain → more ways to use them → more financial products built around them. That’s what I find interesting. But I’m not going to call every number “adoption.” Stablecoin supply ≠ usage. OI ≠ fresh capital. Volume ≠ organic demand. And incentives can make a protocol look a lot healthier than it really is. The real test comes later. Can this liquidity stick around? Can it generate sustainable fees and revenue? Can stablecoins actually become collateral, payment rails, and productive capital instead of just sitting on-chain? Because if the answer is yes, then the biggest opportunity in crypto might not be owning the asset. It might be owning the rails that make the asset useful. And here’s the question I genuinely want to hear people’s thoughts on: If crypto eventually becomes the financial infrastructure for trillions of dollars of onchain capital, where do you think the value ultimately accrues: the assets, the protocols, the applications, or the rails underneath everything?