The bull market will happen in tokens that look and operate more like public equities than traditional governance tokens. Market is demanding cash-flows, programmatic buybacks, transparent & public accounting, and real onchain business model forecasting with path to sustainable revenues. It will be very difficult for a lot of teams to swallow this and deal with this new environment, but that is what the next phase will be like, and it will be a massive "trimming of the fat" in the entire industry. Position accordingly.