Every crypto bull run has been defined by a fundamentally new paradigm of asset issuance—not an incremental upgrade or evolution of the previous model. The next crypto cycle will not be a scaled-up version of DeFi, NFTs, inscriptions, or Pumpfun-style meme coin mania. It will be an entirely different issuance paradigm. If the next wave is the Cambrian explosion of stocks going fully on-chain at scale, the new asset issuance model is likely to look like this: AI projects that have already achieved meaningful user traction or traditional VC validation will issue compliant on-chain equities under SEC rules—where the stock itself is natively a token from day one. These on-chain stocks will later list on Nasdaq, the NYSE, or other major exchanges under existing capital-markets frameworks. Over time, those exchanges themselves will progressively become on-chain. In the end, every stock will be on-chain. This is the paradigm shift for equities—the arrival of Crypto 2.0. Future on-chain stocks will come in two forms: (1) SEC-compliant equity tokens, and (2) regulated native tokens (including a subset that originated in Crypto 1.0, such as BTC, ETH, SOL, and other tokens that meet regulatory standards). Of course, the above is merely a conjecture about future trends.

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