On one hand, up-and-coming startups are fighting tooth and nail to gain ground and solve the cold-start problem, driving up MM quotes and increasing CAC.
On the other hand, the big players are tapping into only a fraction of the TAM. The opportunities beyond the niche crypto circle have never been larger, and the achievable outcomes have never been higher. Moreover, many incumbents have grown too big to innovate and failed to keep up with the times, while some are now shutting down, opening the door for more players to enter.