NEW EPISODE - Crypto’s Next Winners Won’t Be Blockchains The infra era is fading. The next wave of crypto value may come from apps with real users, real revenue, and real tokenholder returns. @AustinBarack joins @TrustlessState to break down: • Why $VVV could still be materially undervalued • $PUMP trading at just ~5x buybacks • @Hyperliquid’s expanding role in global markets • @ether_fi's evolution into an onchain neo brokerage • Why applications could eventually generate 90%+ of crypto revenue CHAPTERS --- 0:00 Finding Growth and Value in Crypto 4:17 Why Liquid Tokens Are Winning His Attention 7:00 How Austin Values Venice and VVV 15:34 The Biggest Bet in the Venice Model 24:53 Can Venice Balance Growth and Token Value? 32:53 Venice Growth and the OpenRouter Signal 37:31 Can Fundamental Tokens Outperform the Crypto Cycle? 43:50 Pump, Hyperliquid and EtherFi 48:57 EtherFi’s Shift Into a Neo Brokerage 58:24 Why the Market Discounts Pump 1:02:42 The Next Era of Crypto