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this cycle isn’t like any other cycle the closest comparison i see is the 2020 DeFi expansion, when an entirely new vertical brought billions of dollars onchain this time, stablecoins and especially tokenized stocks are opening another new lane for crypto institutional capital, retail and developers are all entering through different channels, while the market structure itself has played out differently from prior four-year cycles trying to map this cycle one-to-one with the last one could miss what’s actually changing in front of us