In the past 18 months, crypto-native protocols have generated $31.4 billion in fees, the highest in the industry's history. But at the same time, 12 projects shut down, VCs shifted to AI, and developers collectively left—those making money are products like Tether, Circle, and Hyperliquid, which have real moats. The era of high premiums is over. In the next cycle, tokens without real revenue and moats will find it increasingly hard to attract buyers.