From Singular Logic to Pluralistic Systems. As we build complex AI, we must move from seeking one "correct" model to managing a multiverse of conflicting but internally consistent logical frameworks.
Audit for Incompleteness. When designing protocols, identify the "independent" variables that your system cannot prove or settle internally.
Truth is bigger than code. Over the next year, the winners will be those who stop trying to "solve" the universe and start navigating the multiverse of possible truths.
Outcome-Based Intelligence. We are moving from AI as a Service to AI as an Outcome where value is tied to results rather than usage.
Target Non-Public Data. Build applications in sectors like law or lending where the most valuable data is private and un-crawlable.
The next two years will separate companies that use AI to save pennies from those that use AI to capture entire markets through autonomous systems and proprietary data loops.
The transition from stateless chat interfaces to stateful, personalized agents that learn from every interaction.
Prioritize memory. If you are building an application, treat state management and continual learning as your core technical moat to prevent user churn.
Stop chasing clones of existing apps for reinforcement learning. Use real-world logs and traces to build models that solve actual engineering friction.
The Macro Pivot: Intelligence is moving from a scarce resource to a commodity where the primary differentiator is the cost per task rather than raw model size.
The Tactical Edge: Prioritize building on models that demonstrate high token efficiency to ensure your agentic workflows remain profitable as complexity grows.
The Bottom Line: The next year will be defined by the systems vs. models tension. Success belongs to those who can engineer the environment as effectively as the algorithm.
Solana's Next Act is Crucial: Current memecoin activity, while impressive, is viewed by institutions like Standard Chartered as less sustainable than diversified utility; a pivot to tokenized equities or social is key for long-term valuation.
Perception Battles Performance: Ethereum's established "trustworthiness" gives it an institutional edge, even if Solana offers superior tech for certain applications. Solana must overcome its "memecoin" image to attract serious TradFi.
Near-Term Headwinds for Solana Relative to Ethereum: Kendrick suggests Ethereum might outperform Solana in the near term (though both underperform Bitcoin) as Solana navigates its transition phase, while Ethereum benefits from incumbency in stablecoins and tokenized RWAs.
**Currency Cold War:** A "currency conflict" is unfolding, with the winner set to define the financial backbone of the next-gen internet and global commerce.
**Stablecoins vs. The State:** USD stablecoins are pitched as the West's best bet for the internet's future currency, directly competing with state-backed digital currencies like China's e-CNY.
**Agent-Powered Internet:** The dream is an internet where AI agents, fueled by ultra-low-cost stablecoin transactions, manage our digital lives, moving incentives away from human attention.
**Solve Real Friction:** The "last-mile" challenge—seamlessly converting stablecoins to local cash in emerging markets—remains the critical bottleneck and prime opportunity for stablecoin protocols.
**Moats are Real:** Overcoming established players like Tron requires more than just better tech or lower fees; it demands superior distribution and user migration strategies.
**Align Incentives:** Morpho's structural changes offer a compelling model for aligning team, investor, and token holder interests, potentially setting a new standard for Web3 projects.
Deficit Tailwinds: Persistent global fiscal deficits are expected to continue fueling appreciation in risk assets, including cryptocurrencies.
Stablecoin Tsunami: Stablecoins are not just a crypto niche but a fundamental disruptor to the traditional banking system, with significant investment flowing into leaders like Circle, despite valuation concerns.
App-Layer Alpha: Value is increasingly found in specific applications (like Pump.Fun) and companies leveraging crypto (like Galaxy Digital's AI/crypto blend), sometimes even diverting attention from base-layer L1 tokens.
ETH's Narrative is Shifting: From "tech stock" to "digital oil" and "store of value," clarifying its multifaceted value.
Supply Squeeze Imminent: Capped issuance plus rising demand driven by network activity and institutional adoption points to a strong supply-demand imbalance.
Massive Re-rating Potential: If ETH achieves a similar status to other global reserve assets, its price could see exponential growth from current levels.
**RLUSD Rising:** Ripple's ambition is clear: make RLUSD a top 3-4 stablecoin by leveraging strategic acquisitions for mass distribution, potentially issuing billions through platforms like Hidden Road.
**Acquisition = Distribution:** Ripple is effectively purchasing its market share by acquiring businesses like Hidden Road and Metaco, creating an embedded network to push RLUSD adoption.
**Stablecoin Selects:** The future stablecoin landscape will likely feature 5-7 major players, not just two, and Ripple is aggressively positioning RLUSD to be one of them.
