Woofun AI notes that CryptoQuant founder Ki Young Ju has declared the era of profit from mere token issuance over, stating that purely narrative-based altcoins are dead. He argues that future viability belongs to three distinct camps: global internet companies utilizing tokenized market layers, such as BNB and GRAM (TON), where tokens offer pragmatic advantages over equity listings; DeFi services generating real revenue, exemplified by Hyperliquid and other high-quality protocols; and projects synchronized with broader financial trends. Ju concludes that genuine crypto enterprises will emerge from this cycle, mirroring the rise of true IT giants following the internet bubble.