some notes on protocol design: -> technical excellence creates the foundation -> market fit creates the opportunity -> cultural alignment creates the movement most only design for the first when they need all three

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Timeline full of bears but market tailwinds remain the same 2025 is a post-halving year • Post-2016 halving: +1,518.64% increase in altcoin MC • Post-2020 halving: +1,263.89% increase in altcoin MC Current altcoin MC sits at $1.18 trillion, while in Apr 2024, it was $982 billion—just a 20% increase. For this cycle, we have: • A more crypto-friendly administration under Trump • Advancements in AI and rising competition from China, driving a push for open-source innovation • Executive orders on crypto, shaping a comprehensive federal regulatory framework & a national crypto stockpile • Executive orders on AI, reinforcing America’s global AI dominance • Project "Stargate", aiming to invest up to $500 billion in AI infrastructure over the next four years The main challenge this cycle: Bitcoin’s dominance continues to rise, completely decoupling from altcoins due to fragmented attention & liquidity, worsened by tools that let anyone launch a token in under 5 minutes. • 2016 Cycle: Fewer than 3,000 tokens existed (2017-2018) • 2020 Cycle: Over 9,000 tokens by 2023 • Current (2025): 36.4 million tokens exist, with projections nearing 100 million by year-end Millions of tokens—mostly memecoins & shitcoins—make finding a 100x gem harder than last cycle. Liquidity and attention are more fragmented than ever. But this challenge presents an opportunity for those in the right trenches: • Hype alone isn’t enough anymore—narrative crafting & good story telling still matters but • PMF and fundamentals matter more than ever. • Backing the right project could mean more sustained growth & better upside over the long term (expand your time horizon from weeks to months or even years). • Just by being in Web3 AI and investing in market leaders, you're positioning yourself better than 90% of crypto investors—for obvious reasons. Bottom Line We’re witnessing natural selection for altcoins—only strong coins with PMF will survive. No one knows how long this will last, but if you’re here, adapting, and positioning yourself in the right projects, this could be the ride of a lifetime.

Farcaster is the best place to get your first 1000 crypto users, especially if you can leverage the social graph to grow Soon it’ll be the best place to get your first million. But we have work to do!