Summary of major flows this cycle: Altcoins 1. Real Revenue / Buybacks / RWA HyperLiquid is spending most of its revenue on token buybacks and burns, and many projects have started following suit. However, you need to distinguish between projects actually generating revenue for buybacks versus inflating data and moving money hand to hand. Also, thanks to the on-chain trading boom led by this RWA, related infrastructure saw explosive growth in trading volume, TVL, and revenue metrics. Combined with the buyback and burn mechanisms mentioned earlier, this created this alt season. Moreover, unlike the past, many tokens' rises this time were driven by a positive feedback flywheel of 'metric growth → revenue-based buyback.' Tokens finally started actually capturing protocol value. Representative picks are $HYPE, $UNI, $RAY, $LIT, and newly emerging major launchpads $PONS, $STONK, $AI can also be categorized here. 2. Privacy / AI This flow emphasizes narrative over data more relatively. When price rises, 'scholars' naturally appear justifying it with all sorts of logic, the most representative being $ZEC. Other standout picks include $NEAR (privacy trading, omnichain trading, Naval Ravikant retweets), $VVV (privacy AI, computing power tokenization). On-chain mainly driven by stock tokenization, and by chain it looks like this: Robinhood put stock tokenization narrative front and center, and as a result, a wave of breakout coins emerged in the first rally. Major launchpads $PONS and $AI led the charge, and there were pure memes like $CASHCAT too. Robinhood appears to have absorbed lessons and experience from past public chains. Both the exchange and founders actively supported on-chain ecosystem development, so unlike most previous public chains, it didn't just flash and fade. Recently, coin-stock pairing narratives have done almost everything worth doing once over, and other chains are putting in effort too, so you could say the Robinhood on-chain bull market has entered a kind of cooldown period. Solana Many people thought Solana would stay quiet this cycle without top CEX support, but it came back to life based on its strong on-chain ecosystem. On the other hand, $ZCAT, paired with ZEC, emerged and the token and
