On-chain liquidity is slowly making a comeback. At least the market makers are starting to return: - uPEG - Panda Head - New conspiracy plays on SOL and Base - Binance contracts/Alpha plays are thriving again Especially uPEG—you can still spot new hotspots driven by low-liquidity market-making. Compare this to Pandora during the Chinese New Year of 2024, which marked the start of a new bull market. Right now, it’s not the time to be overly bearish. The true significance of RAVE is proving to the speculative funds hovering around A-shares, Hong Kong stocks, and U.S. stocks that the crypto space remains unmatched as the best game in town for investment returns, risk control, and speed of results. This is the real market-maker rescue rally. When we look back at this period in market history, RAVE will undoubtedly have its place. The narrative of using speculative funds squeezed by traditional capital’s brief resurgence and deglobalization as the incremental capital for crypto is becoming increasingly clear.