Looking back at my best on-chain trades this year, the pattern is clear. They came from momentum in something genuinely new: no competition, no obvious betas, no existing framework to trade or value against. A speculative bid that turns reflexive as price moves higher and attention follows. Once substitutes and comps appear, the edge fades and it turns into flow trading. The most reliable on-chain edge is catching momentum before a category forms. Once something has a name and alternatives, you’re no longer trading discovery - you’re trading positioning. At least one of these setups shows up every month, and that’s enough to pay for all the failed attempts along the way. I’ve hit at least one each month this year, regardless of how slow or bad the market feels. Most people miss them because they’re anchored to what already exists or stuck in a doom-biased view of the market.