“The old flywheel-driven growth approach is probably a lot harder to replicate going forward... We want to see applications where, despite market conditions, users still want to pay to use them.” — @arthur0x, CEO & CIO of @DeFianceCapital When crypto application revenue is overly dependent on market activity, it becomes difficult to separate durable demand from market beta. Arthur’s thesis is that the next generation of applications needs a demand floor — users who keep paying even when the cycle turns. The shift from cycle-driven activity to more persistent demand makes crypto applications easier to forecast and underwrite — ultimately broadening the investable market for them.