If you've been in the crypto space for a while, you remember DeFi Summer like it was yesterday—the wild days of yield farming, liquidity pools, and protocols popping up overnight. But fast forward to today, and things are looking a lot more grown-up. In a recent tweet from Laura Shin, host of the Unchained podcast, she highlights this shift with a clip from her latest episode featuring Lawson Bae, founder of Relayzero, a crypto M&A advisory firm.

The tweet reads: "From DeFi Summer to onchain M&A 🌊 @lwsnbaker: Crypto now has onchain revenue, cashflow, and even hostile takeovers. The business of crypto is here to stay 📊" Accompanying it is a short video clip that teases the discussion, showing Bae explaining how users in early protocols were essentially consumers, workers, and investors all rolled into one. He points to MakerDAO as a nascent idea that blossomed during DeFi Summer, leading to today's fully onchain businesses complete with revenue streams like referral fees, liquidity rewards, and onchain marketing.

This episode, numbered 890, dives deep into a real-world example: the bidding war between LayerZero and Wormhole for Stargate DAO. For those new to these names, LayerZero is an interoperability protocol that lets blockchains talk to each other seamlessly, while Wormhole is a similar cross-chain messaging platform. Stargate, built on LayerZero, is a liquidity transfer protocol that facilitates asset bridges across chains.

The drama started when LayerZero, which originally launched Stargate, put forward a $110 million bid to acquire it back through the Stargate DAO—a decentralized autonomous organization where token holders vote on decisions. Then Wormhole jumped in, asking the DAO to hold off on voting so they could prepare a counter-offer. This back-and-forth is being called the first-ever onchain bidding war, essentially a hostile takeover attempt playing out transparently on the blockchain.

Lawson Bae, with his background in buying and selling crypto businesses since 2016, breaks down how to value these DAOs like traditional companies. We're talking about assessing onchain revenue (money generated directly on the blockchain), cash flows from protocol fees, and even potential for growth through mergers. David Nage from Arca, a crypto investment firm, joins in to discuss the strategic angles—why these big players want Stargate, and if this signals a wave of consolidation in crypto where smaller protocols get scooped up by larger ones.

Now, you might be wondering, what does this have to do with meme tokens? At Meme Insider, we're all about those viral, community-driven coins that often start as jokes but can evolve into something more. Think about it: many meme tokens now have their own DAOs, treasuries funded by trading fees, or even revenue-sharing models. Projects like Dogecoin or newer ones on Solana have massive communities that could, in theory, engage in similar M&A activities. Imagine a meme token DAO acquiring another project to expand its ecosystem, or facing a hostile takeover if its governance tokens are concentrated.

This maturation means meme tokens aren't just pumps and dumps anymore; some are building real utility and business models. For instance, platforms like pump.fun generate onchain revenue through launch fees, which could be valued in an M&A scenario. As Bae puts it in the clip, we're at the end of an era where crypto was experimental—now it's about sustainable business environments.

If you're into blockchain tech or just curious about where meme coins are headed, check out the full episode on Unchained's website. It's a great listen for understanding how the lines between fun memes and serious finance are blurring.

The replies to Laura's tweet echo this excitement. One user quips, "Crypto finally grew up and put on a suit," while another notes, "The business side of crypto is finally maturing." Even mentions of onchain treasuries connect the dots, showing the community is buzzing about this evolution.

In short, crypto's growing pains are turning into gains, and for meme enthusiasts, this could open doors to more structured, value-driven projects. Stay tuned to Meme Insider for more on how these trends impact your favorite tokens.