Sectors

The base blockchains. The yardstick here is network economics: what the chain itself earns, what its ecosystem generates, capital deposited and dollars parked.

On-chain perpetuals exchanges — the sector where fees are auditable on the blockchain. Revenue = fees kept by the protocol.

The on-chain banks — credit, DEXs, liquid staking and synthetic dollars. The yardstick is real revenue: fees kept by the protocol, auditable on-chain.

Ethereum's scaling layers. Same yardstick as L1s: what the network earns, what the ecosystem generates, capital deposited and parked dollars.

Pure attention game — no revenue, no fundamentals. The honest yardstick is size, liquidity and flow: a momentum trade, not a long-term thesis.

Low-cap memes with perps on the venue we track — pure attention beta, maximum risk. Thin liquidity and high spam are the rule: attention direction matters even more here.

The AI-narrative tokens — GPU infra, autonomous agents and identity. Revenue is still rare in the sector; the yardstick is size and market traction.