Suddenly pretty bullish on @avax Their summit was excellent, but it’s really the announcements they’ve secured recently around it, and the focus those announcements show. Blockchains die from a lack of differentiation. There are too many of them. We only need a few. Yours needs to be about ONE thing, and that thing needs to be defensible. Memecoins are NOT defensible. Meme traders dgaf where they trade. They follow liquidity. Look how rapidly activity can rotate from one ecosystem to another, like what happened with Robinhood vs Solana. Memes are basically impossible for a chain to own. An app can own them, like @fomo or @Pumpfun, but a chain can’t. But massive institutional deals with enterprise companies and nation states? Those are defensible as hell. And sovereign interoperable L1s are literally Avalanche’s original thesis. So seeing them full-circle to focus on that original positioning, and actually execute on it at a very high level, makes the whole thing feel much more coherent to me. Will that make number go up? Absolutely no idea. That’s its own question. But can it make Avalanche money as a business and give them a repeatable, scalable model that lets them own and defend a unique lane in this insane industry? Absolutely. And that’s probably more important to long-term survival than number go up. At least barely.