Many people are still calling this a crypto bear market, patiently waiting for the next bull run. The truth is, the Crypto 1.0 era that began with Bitcoin's birth has officially ended and will never return—just like the original Internet 1.0 era. The projects that defined Internet 1.0 didn't evolve into the leaders of Internet 2.0. Similarly, only a handful of cryptocurrencies from the Crypto 1.0 era are likely to survive and thrive into Crypto 2.0. Crypto 2.0 will give rise to far greater cryptocurrencies—ones whose market caps will surpass Bitcoin. In this new era, the biggest winners will likely emerge in two major categories: stablecoins and tokenized equities. Both categories are poised to produce assets that eclipse Bitcoin in value, and potentially even surpass the market caps of Google and NVIDIA. These next-generation cryptocurrencies will be dramatically more impactful than anything from the Crypto 1.0 playbook. The truly great ones won't be the coins most people are still betting on today. If we study the Internet 1.0 era (pre-2000) and the Internet 2.0 era (post-2002), a clear pattern emerges: almost all of the biggest and most dominant projects from the Internet 1.0 era failed to keep growing in the 2.0 era. Many simply went out of business. In contrast, the projects that not only survived but went on to become enduring giants in the Internet 2.0 era were mostly born toward the very end of the Internet 1.0 period—think Google and Tencent. The same dynamic played out in evolutionary history. During the age of the dinosaurs, the largest and most powerful reptiles dominated. Yet when the mammalian era arrived, nearly all of those giant reptiles disappeared. The lineages that survived and continued to evolve into complex, thriving species were the tiny, unremarkable mammals that had been hiding in burrows at the tail end of the reptile era. We believe the crypto 2.0 era will follow a strikingly similar trajectory. The projects most likely to survive, thrive, and define the next chapter are the small, seemingly insignificant ones being built right now at the end of the crypto 1.0 era. Meanwhile, the vast majority of cryptocurrencies from the crypto 1.0 period—including many that feel untouchable today, such as Ethereum and Bitcoin—will likely become commoditized at best, or fade into irrelevance at worst. Of course, almost no one believes this prediction today. That’s exactly how it felt in 1999, when virtually nobody could imagine that Yahoo or AOL (the company that had famously acquired ICQ) would one day collapse in the Internet 2.0 world. History doesn’t repeat, but it often rhymes. The era of four-year crypto cycles is over. The first great age of cryptocurrency—Crypto 1.0—has officially ended. This shift follows a natural law of technological progress: every new wave of innovation that effectively siphons capital inevitably displaces and covers the previous one. In crypto's case, there's a second, more specific reason. Nearly every major cycle and long-term trend in the past was simply the lingering momentum from the prior cycle. For example, the Inscriptions mania was essentially the Bitcoin manifestation of Ethereum's smart-contract NFT boom, which later evolved into Ethscriptions. The recent meme coin frenzy wasn't driven by any genuine technological breakthrough—it carried no new forward momentum. In reality, Pumpfun was likely the last breakout crypto application to achieve sustained hype. This marks the definitive close of Crypto 1.0, the period that began with Bitcoin's birth. Looking ahead to Crypto 2.0, cryptocurrencies will no longer function as standalone ideological experiments. Instead, they will primarily serve as carriers for traditional financial assets: stablecoins as vehicles for fiat currencies, tokenized stocks as vehicles for equities, and so on. Crypto 1.0 was fueled by an unprovable utopian vision, a powerful decentralized ideology. Crypto 2.0 will be different—it will become core financial infrastructure for human society, supported by utility rather than faith. As a result, many of the giants that rose to dominance in the faith-driven Crypto 1.0 era are likely to collapse, much like Yahoo and AOL did after the Internet 1.0 bubble gave way to the more pragmatic infrastructure era that followed.