Six months ago, we laid out our thesis on 11 potential crypto narratives. Today, 8 out of 11 have clearly played out. Here is the scorecard. The Winners: 1. Prediction Markets: Polymarket and Kalshi exploded from under 2B monthly volume in Aug 2025 to over 18B by Feb 2026. Both raised at ~20B valuations. Huge win for the category, but breaking the Polymarket-Kalshi duopoly is tough. Onchain alternatives like trylimitless and Rain Protocol are holding steady. 2. RWA / Asset Tokenization: Market cap doubled to 34.5B in 2026. Private credit now surpasses treasuries, but most assets remain siloed from DeFi. Tokenized equities are growing, led by Ondo Finance and xStocksFi. However, most value flows to spot holders and perp traders, not token holders. 3. Stablecoins: Still crypto's biggest product-market fit. Supply now exceeds 300B. Transaction volumes surpass Visa and Mastercard combined. Regulatory clarity is driving adoption. Yield-bearing coins like USDe, USDS, and USDf are top 30-day performers. 4. Neobanks: Crypto payments are going mainstream, but adoption is concentrated. RedotPay controls ~60% market share, while raincards powers cards for EtherFi, RedotPay, KAST, and others. 5. Perp DEXs: Daily volume exceeded 28B in Q1 2026. HyperliquidX extends dominance with RWA and pre-IPO trading. Sector won big, but picking the next winner is much harder. 6. Crypto x Privacy: Winners aren't FHE/ZK projects. ZEC surged over 1,000% as institutional views on privacy shifted. NEAR successfully merged privacy with AI infrastructure. 7. Crypto x AI Infrastructure: Infrastructure outperformed agent coins. Base emerged as the leading agent economy, virtuals_io shows real-world use, AskVenice built massive user bases, TAO leads AI revenue, and NEAR bridges AI with privacy. 8. Revenue-Generating Protocols: Buybacks, revenue sharing, and fee switches are now DeFi's dominant value accrual models. Hyperliquid, Pump.fun, and Aerodrome lead the shift toward cash-flowing pr...