Recently, I'm seeing two different types of crypto companies emerge: - Deep Tech: Heavy Research & Development, really big technical bets (ZK, infra, AI/crypto crossover). Tiny GTM focus yet, and long path to monetisation, but a change to hit really really big when the time comes. There are great examples of this in traditional tech like OpenAI and Tesla. - BD/Marketing-Led: No technical moat, often 3-4 engineers max (AI makes this easier). Purely focused on distribution, and offering fork products to the users (I don't mean this in a demeaning way). Both can win, but the split is getting sharper as AI gets better in building technology.