In every cycle, you get a speculative narrative that is usually aligned with global interests. In the 2016/17 cycle, it was L1s: It all started with $ETH, then the Chinese ETH arrived, called Antshares (NEO), which pulled off the biggest rally of that cycle. Then we saw a series of massive fundraises around potential ETH killers like TEZOS, EOS, etc. In the 2020/21 cycle, it was gaming/metaverse: It all started with $AXS. People were making $1,000 every month by playing Axie Infinity. It became a viral hit; people started buying the coin, and the coin reached a $10B market cap. The project made around $1.2B in revenue in 2021 alone. The whole gaming meta started after that. Thousands of projects were launched, some tokens performed, but 99% of them eventually died, marking the end of that speculative narrative. In the current 2023/25 cycle, it’s been AI: The cycle started with AGIX doing 10x, then TAO going up by 10x, and OLAS doing 20x. We've seen some great AI runs at the start of the cycle. Memes found their place in between, but now AI has found its fundamental use case. They cracked the business model, and the speculation premium is set to go higher with more revenue numbers. Agents are the ultimate direction for the AI narrative. They hold the highest speculative premium based on fundamentals and innovation, and they are very much aligned with global interests.