Crypto has only two scarce resources: liquidity and screen time. Every great narrative is an arbitrage narrative. BTC mining = energy arbitrage. Hyperliquid = regulatory arbitrage. Pump = screen-time arbitrage — turning every minute you'd spend scrolling Twitter into a 100x leveraged launch. Arbitrage value = asymmetry × market size × leverage multiplier. If you can't answer "whose value am I capturing, what's the asymmetry, how big is the gap?" — stop building.