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Investment pitches

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    Crypto's investable divide is cashflow versus narrative

    4,603 wordsTokenX ↗
    • Author’s map sorts crypto by what survives after deleting the roadmap: fee-accruing businesses, honest monetary or attention memes, and vaporware; only the first two routes qualify for cycle holds.
    • World 1 is the core thesis: HYPE, LIT, and PUMP monetize activity through token buybacks or burns; Hyperliquid directs ~97% of fees to HYPE purchases, while RWA perps broaden the fee base beyond memecoins.
    • The author holds HYPE/LIT/PUMP and BTC/ZEC for the cycle, but warns fees are pro-cyclical, incentives can counterfeit revenue, and leverage can cause 60%+ drawdowns; US legal access by 2027 is a key bet.