The content coin era is over... ZORA is down 95%, market cap shrunk from $550M to $30M. Armstrong says resources go mostly to trading. Yet Base's biggest launches lately are all agent-side: Coinbase for Agents, x402, Base MCP, http://Agentic.market. Base still sits at $4.4B TVL, the largest Ethereum L2. COIN posted a 31% drop in spot revenue last quarter with volumes down 37%. The core business is contracting. 👀 Q2 earnings drop soon. Whether a trading-first Base can win back the users burned by content coins is the number to watch this cycle.(BloFin Research)