Xin Jiang, founding partner at venture capital firm Old Fashion Research, thinks that primary and secondary markets have bottomed out, making it the "best time to invest in web3." Projects like memecoins, Friend.tech and Unibots are where it's at.

One thing Xin Jiang says crypto doesn't need is more infrastructure projects.

"If you are a rational and neutral investor, please admit, we don't need more infra projects," Xin Jiang said in a blog post. "Current infra can sustain us to the next bull run or maybe even the next bull, if there is one."

With Solana, Ethereum Layer 2 rollups and incoming zkEVMs, scalability isn't an issue, and neither is decentralization. What's missing are the "killer apps" for this cycle, Xin Jiang added.

Old Fashion Research — whose name was taken from the …