A widely accepted heuristic in our asset class is that funds trickle down the risk curve as we progress through the cycle. It goes like this:StablecoinMajorsMid caps, like L1sSmall caps, like onchain tokens or newly funded gamesHowever, this cannot be less true in our current market cycle. In fact, we skipped all the way from Majors directly to onchain tokens, leading to a thriving memecoin market and a dwindling CEX alt cycle. The purpose of this piece is to look back on how the Alt Season c...