If the L1 trade is officially over, then we need another investment vehicle to create a wealth effect to kick off an official alt-season. The last true alt-season was in 2021, driven by the L1 trade, which echoed until now. If you were a maxi of almost any chain; ETH, SOL, AVAX, ADA. You made it. That trade created a massive wealth effect. And when people suddenly have excess capital, they deploy it everywhere: DeFi, NFTs, gaming, memes, DAOs. That’s how a real alt-season forms. These days people don't care about new L1s, or the countless ghost chains. The last great L1 trades ended with the Solana run from $9 or Hyperliquid’s generational airdrop and consequential run-up. Outside of these, there hasn’t been a PVE event that was accessible to “everyone.” Crypto is boring now. Boring can be a good thing. It means fundamentals drive prices, and those come far and few between. The next potential big liquidity moment could be $BASE. Although no ones knows when that will come. If BASE executes a meaningful community airdrop, it could create a Hyperliquid-sized wealth effect, and pump the ecosystem along with it. But that’s still only one ecosystem. It might ignite a localized alt-bubble, not a full market-wide alt-season. We may be stuck in purgatory until 'that' major airdrop for a local alt-bubble, or when a consensus-wide app generate real cash flows and their token start reflecting that value for all to enjoy.