Arbitrum's $ARB barely moved despite big Robinhood news.

In the 2020-21 bull run, $ARB would've pumped off the charts, hitting my roof, knocking down the International Space Station, and maybe even reaching the Sun.

Makes me think we turned the old critics' saying of "blockchain, not crypto" into reality.

Blockchains are useful, but tokens aren't. At least not without a clear value proposition.

Ethereum is amazing, but $ETH isn't?

Maybe just Bitcoin is different because its product is the coin itself.

Worse, we're worried that TradFi will use tech we funded & built for free, taking value from the crypto ecosystem.

But I don't buy it.

Our speculative spirits faded as overvalued tokens flooded the market with downward-only charts, and the promised riches from trading memecoins ended into ruin.

When you continue to lose money, you stop playing. You stop believing a new altcoin market is possible.

Quite a few now believe the next alt season won't come.

But I think it will.

Altcoin MC sits at just $1.3T - less than at 2021 peak despite number of alts exploding in number!

This explosion of tokens diluted our 1) attention and 2) money flows by assets.

(On a side note: that's why InfoFi and KOL marketing became such big industries)

Yes, I believe a huge bull run will come for a select number of alts that prove:

- Great PMF

- Built-up Lindy effect

- Revenue and value accrual to the token

- Adoption by TradFi

It's probably that simple.

We just need to 1) focus our attention on a few Schelling point tokens 2) start believing.

A disbelief rally will come. And it will transform into the Great Alt Bull Run.

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