The only tokens I track that are up on the year are SYRUP, EUL, HYPE, FARTCOIN, MKR, BTC Each one of these had a large idiosyncratic driver that wasn't easily priced in 1. SYRUP: launch of lstbtc, spark deposit, large influx of borrow demand, annual revenue ramp to $10mm+ 2. EUL: 10x'd tvl, launched on many new chains, onboarded a number of risk curators, asset issuers, and protocols 3. HYPE: took meaningful share of perp market, users remained sticky, increased monetization, increased builder activity 4. FARTCOIN: became a bluechip memecoin in the wake of the memecoin market collapse 5. MKR: turnaround in rebrand sentiment, DAI supply ramped from Ethena deployment, turned on buyback 6. BTC: Dollar devaluation story is picking up in the wake of a pivot from Liberation day Market is becoming more efficient, and that's not a good thing for average token returns in the mid-term. Gotta pick winners, otherwise the natural drift is lower for a lot of this stuff.