What a wild ride this year's been. The big question nobody's answered yet: can truly permissionless protocols actually scale while keeping their revenues intact?

Here's my take—the entire crypto market cap will keep expanding, no doubt. But here's the catch: eventually that growth has to translate into actual revenue models. You can't just moon forever without fundamentals backing it up.

For Layer 1 networks, there's really one real shot at this. The revenue game on L1s hinges on building sustainable economic models that reward validators and developers without compromising decentralization. It's the trillion-dollar question for the whole ecosystem.