Pranav, I know you take more of a macro view, like what is the incremental flow coming from? Like, how do you see the world? Yeah, I

was going to say like, there's a different, I mean, slightly different lens you can kind of think about all this from, which is, people want to buy assets that go up in price and they can make money on it.

And I think the reason people gravitate towards L1s is you have this anchor, which is Ethereum that has made people money in the past and that has this big market cap.

And then people can very simply say, this blockchain that I'm looking at has better properties than Ethereum.

And so it's relative value.

I think this is cheaper.

So I'm going to buy it.

You need to try and peel it apart and understand the asset very specifically and then understand where you disagree with the

What does that mean?

Yeah, so I'll give like a really dumb example of what's possible, right? And then we can kind of look at every company and say, what could these companies do? So we've all probably gone to Starbucks.

I go to Starbucks every day.

I get a coffee and my coffee prices have gone up.

Starbucks has a ton of competition.

Just pull up a chart of Starbucks equity and you'll see that company isn't doing really well.

Everyone's now saying Luckin Coffee might be disrupting Starbucks because I guess you get a bunch of Luckin Coffees opening up in New York.

But it is so hard to do that.

Just what's going on in the market right now?

Yeah, so I generally kind of bucket these things into like these sub asset categories.

So I put Bitcoin in its own bucket.

Then I put sort of like the majors like EatSoul and call it like, I don't know, top five coins and CoinMarketCap into one bucket.

And then I put alts in a bucket and I put memes in a separate bucket.

So like let's say there are four buckets out there.

We can start with the altcoin world, which is the easiest one to start with, which is we started talking about this issue of increasing supply through vesting and low floats and those floats ultimately vesting VCs went into DPI.

And, you know, the people who come in late will probably lose.