By this I mean it feels like a substantial next era of crypto is coming and the nature of their future existence is being debated. 1st was Bitcoin and forks “can money exist without a ruler?” 2nd L1s, tokens and scaling era “can we build world computers?” 3rd ??? “What do we do with them?” Bitcoin doesn’t do much but it is having an existential debate about knots and whether it should be max boring or not. They haven’t really got to the security budget drama yet, but they will after the next halving. Ethereum is arguing about whether it should be the resilient cypherpunk chain, or compete on IBRL and whatever they need to do about Tempo. Solana has the choice of taking the IBRL end game, ICM, decentralised Nasdaq etc but validators need to think a bit longer term and kill MEV to get better than best execution. Cardano just had a chain split and is still dead. The L2s blamed their DAOs for number go down and shut them down, and are still dead. Base is deciding whether to become an L1. NEAR is it a blockchain or AI intent chain. Most of the others are so dead they’re not worth thinking about aka do, or die. Then you’ve got the big geopolitical shift towards crypto acceptance and progressive institutionalisation in some quarters, whilst the internet police spin up elsewhere. Pivotal times.