Ansem views the current onchain cycle as early stage, driven by the acceleration of tokenized real-world assets (RWAs), stocks, memes, and AI agents. The core thesis anticipates institutional capital entering via RWAs and tokenized stocks, alongside retail capital driven by mobile apps like FOMO and Pump.fun, social trading, and memes. Overall, expectations point to increased retail and institutional capital onchain, offering asymmetric wealth creation in crypto.