In a recent post on X, crypto thinker Hitesh.eth (@hmalviya9) shared some hard-hitting thoughts on the evolving crypto landscape. He argues that dismissing the infrastructure behind stablecoins—the ultimate safety net in crypto—as doomed is downright foolish. Instead, the real game is figuring out how to properly value projects that generate revenue, and whether their tokens can capture that value effectively.

Hitesh points out that big-time investors, the ones who steer market cycles, are busy hashing out these valuation methods. For everyday retail traders, though, it's all about narratives that catch fire and drive tokens into hype-driven reflexivity—think meme coins that explode based on viral stories rather than fundamentals.

But here's the twist that's got everyone buzzing: these institutional players might pivot to onchain equities over traditional tokens. Onchain equities are essentially tokenized versions of real-world assets or company shares living on the blockchain, offering clearer value capture without the volatility