There’s a common piece of advice every time we enter a new cycle. “Avoid the older protocols. Buy the new ones.” There’s some truth to this. When you’re buying the brand new protocols: • You’re avoiding the breakeven bagholders. People who are already down and eager to dump as soon as they break even again • The tokenomics are fresher and more modern • Most of the tokens for insiders are locked • The protocols tend to be aligned to the latest narratives • People want to feel “early” to something In Q4 2024, A.I. agents were the hot new thing. Betting on AI agents would’ve crushed most boomer bags from the previous cycle. But here’s the catch: It’s only been 4 months since the Jan 2025 top. This isn’t a new cycle…it’s the same one continuing. There hasn’t been enough time for that many new primitives or narratives to form. The real alpha now? Look for protocols that were hot in January, got nuked in price, but they kept building. Prices are down, but the products are much more developed. And the developments haven’t been priced in yet since so many people are still sidelined. That’s a better risk-adjusted bet. We’re already seeing quite a few protocols bounce back the past few weeks. • @HeyAnonai • @virtuals_io • @KaitoAI • Various Virtuals agents • @Mantle_Official • @soulgra_ph • @AerodromeFi • @arcdotfun Basically, instead of looking for the "bright shiny object", there's a ton of amazing deals right now. (Obviously, there’s nuance here. For example, “Internet Capital Markets” just exploded in mindshare over the past 24 hours.) We’re wired to find patterns, but don’t forget that every cycle plays out differently. Are there other protocols that fit this criteria? Drop them in the comments.