Crypto market right now is a barbell: speculation and stablecoins If you're not in the speculation stack—app / UI, DEX, chain or asset launchpad—you're probably not generating much revenue. The stack is a dynamic market and startups can compete and grow very fast, e.g. Hyperliquid, Pump, Axiom, etc. Stablecoins are about distribution. So if you have a lot of existing users, it's a good business while rates remain high. Hard business for startups, though. (And worth noting stablecoins spun out of the speculation stack.) If you're in the middle of the barbell, growth is limited.