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The next round in the crypto space won’t be a 'get rich together' retail investor feast anymore; it might evolve into a re-pricing of financial infrastructure. The projects that survive will either be indispensable infrastructure themselves, like Ethereum and core DeFi protocols/privacy protocols, or they’ll run real, sustainable businesses on top of the infrastructure, like some already profitable perp DEXs. Perhaps the only hope for crypto natives lies in the potential of the AI+Crypto track.