Interesting throwback by @ahboyash: • FHE → @zama_fhe $57M • Restaking → @Karak_Network $48M | @symbioticfi $5.8M • zk-coprocessors → @RiscZero $40M • RaaS → @Calderaxyz $15M • Shared sequencers → @EspressoSys $28M | @AstriaOrg $5.5M • Sovereign rollups → Sovereign Labs $7.4M • Intents → @anoma $25M No one mentions all these projects in the current cycle, probably because we all come to the realization that in the next phase product-market fit is far more important than before, as altcoin market can no longer support ultra-high valuation of projects without good fundamentals. We don't need academic projects in the space, but projects building things that have real TAM! @HyperliquidX has set out a good example. When people in the space start talking about revenue and buyback way more than before, you know the market is maturing.