Majors are currently putting a ceiling for onchain mcaps, but looking past the charts, we are seeing a structural shift that is incredibly bullish for the space. The convergence of AI and Crypto is happening organically. Crypto devs are experimenting with AI driven financial primitives, while AI devs are increasingly utilizing decentralized rails for capital formation and community building. Naturally, this convergence faces significant friction. We continue to see many challenges ranging from outright rugs, to genuine experiments that simply fail to find PMF. Despite these growing pains, the trend is accelerating. The intersection of AI and Crypto will continue to provide asymmetric opportunities to generate massive returns.