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i don’t see much value in trying to map this cycle one-to-one with 2020, 2023 or 2024 the closest setup for me is the DeFi expansion in 2020-21, when a completely new vertical brought billions of dollars onchain this time, stablecoins and especially tokenized stocks are opening up another new market while pulling in retail, institutions and developers at the same time new verticals create new flows, new products and a lot of speculation, that’s the framework i’m using for this cycle