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TheNewAutonomy8 min read·Jul 26, 2025

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TL;DR

Only a few categories are truly proven at scale today: stablecoins, core DeFi (DEXs, lending, liquid staking), and blockspace (L1/L2 fees & sequencer revenue).RWAs (especially tokenized Treasuries), prediction markets, NFTs, MEV/orderflow auctions, and blockchain gaming are real but still mid-sized — they have identifiable users/fees, but cyclicality, regulation, and fragmented liquidity keep them from “escape velocity.”Data marketplaces (e.g.,

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