Two things that seem very clear to me:

1. By the end of 2025, we will have gone through a full stage one maturation as an industry. VCs will look for revenue & business models in 2026. Speculators will not bite on random pumps. People will be more savvy. Valuations will likely compress.

2. By the end of 2026, we'll likely have a much better understanding of the real areas of adoption, a better UX to show for it, and likely a stronger base of steel handed participants. Tourists will be washed.