We’ve spent a decade arguing about categories. DeFi. DePIN. DAOs. RWAs. Infrastructure. Every few months someone draws new boxes and insists—again—that this time we’ve mapped the terrain. None of it matters. There’s one fact that explains everything worth paying attention to in crypto: Tokens coordinate scarce resources under adversarial conditions. That’s the whole game. Everything else is just different substrates running the same pattern. Look at what actually succeeds: Infrastructure toke...
