Major eras in crypto follow the same 4 steps: 1. Founder with an idea to fix/improve a system. 2. Distribution of wealth to the “have-nots”. 3. Abuse of the system 4. Return to normal Think Play to Earn, Memecoins, InfoFi. It’s in the ethos of crypto to open up opportunities that are normally gated for most. The problem is the world is so imbalanced as it is, there’s a huge rush for a better life that ultimately overloads the system. For step 1, there’s always a founder who deeply believes they can bring change and convince others to follow. For step 2, the taste of wealth turns early believers into evangelist as they want to bring people along the journey. Step 3 is human nature (unfortunately) and you can see the system cracking when the racist remarks start showing up. Play to earn, Filipino players were called ‘extractors’. Memecoins, Indian traders called ‘jeeters’. InfoFi, Nigerian creators were just always blamed as billboard and slop posters. Step 4 we simply return to normal with remnants of what we experienced, in hopes a better version will come again another day. I write all this to say that these are the things you should look out for, because something is going to come for 2026 as well.