Sei's momentum is hard to ignore right now. They've secured $20.3m in live real-world assets from Blackrock and Brevan Howard, while daily active addresses hit 824k—a solid 93% quarter-over-quarter jump. Xiaomi's about to pre-install their app on 170m devices next year. Current market cap sits at $711m.

Compare that to Monad's trajectory: they raised $431m but hemorrhaged 76% of users within just 3 weeks. Trading at $300m, the execution gap between these projects tells you everything about what matters in this cycle. The gap between capital raised and actual adoption is wider than ever.