Pretty interesting to see how onchain has decoupled from the majors downturn. With each passing day, participants start to care and talk less and less about macro permission slips or BTC’s crab price action. The longer this happens, the more participants realise the casino doesn't need a global bull market to stay open, it just needs a good meta. As long as there is a narrative the collective can buy into that isn’t just a 24-hour pvp to 0, the belief becomes self-sustaining.

Why is this cycle different? Because the "onchain" foundation has finally matured into a sovereign economy. 2 things have changed the game: 1. The Stablecoin Default: We’ve moved past being denominated in majors. Last cycle, your net worth was a slave to ETH/SOL volatility; now, the floor is $. With seamless cross-chain rails, your USDC is a liquid passport. You hold stables and play anywhere instantly. You don't need to own the majors to trade the market. 2. AI as the Engine: AI wasn't here last bear. It’s the perfect speculative meta because it gets constant reinforcement from the outside, new models and developments that have nothing to do with crypto devs or BTC price action. This provides a constant influx of fresh interest. It means devs won't just leave when prices dip, because the AI-onchain intersection is a real, high-growth sector with its own roadmap.

Makes sense. Onchain culture thrives even when broader market struggles.