Here's the translation of the provided content into English:

Crypto Investment Winds Shift! Pure Meme Coins Are Dead, Revenue Models Are the Future?

6th Man Ventures Partner Mike Dudas Pours Cold Water in The Rollup Podcast: "The Era of Valueless Tokens Is Ending, Now It’s All About Revenue Models That Count!"

This seasoned VC, who has witnessed the explosion of https://t.co/OBldzw3YRb and personally promoted $Bonk, reveals the brutal reality of the crypto market ——

🔥 See the new trend of tokenization from https://t.co/OBldzw3YRb

The explosive growth of https://t.co/OBldzw3YRb (with on-chain revenue second only to traditional trading platforms) proves that users have unprecedented demand for "instant issuance and use" tokenized assets. However, Mike warns: platforms claiming that tokens are "linked to enterprise revenue" are playing with fire — even with disclaimers, users will still mistakenly believe that holding tokens = owning a share of profits. In contrast, https://t.co/OBldzw3YRb openly states that "the token is a worthless meme," thus avoiding misleading risks. Its "joint curve + locked liquidity" mechanism makes the cost of "running away" skyrocket, making it a safe model in the industry.

💸 Are Pure Meme Coins Doomed?

"Three months ago, I still believed that pure consensus could support meme coins, but now the market is birthing hundreds of air coins every day, and users have woken up!" Mike asserts that 2025 will be the "year of valuable crypto": Hyperliquid uses revenue buybacks to repurchase tokens, Binance relies on transaction fees to distribute dividends, and even $Bonk is figuring out how to let holders capture value." "High market cap, no-income tokens are doomed, now users only care about genuine revenue return mechanisms."

🚀 Investment Logic Shift: From Trading Concepts to "Nurturing Users"

While most VCs are betting on infrastructure, Mike’s fund does the opposite: all in on consumer applications. For example, https://t.co/wjI6q49kDX, which has "on-chain player cards," or the prediction market Worm—"We don’t want just airdrop visitors but real users who want to establish asset sovereignty on the chain." He also criticizes some "only invest in infrastructure" funds: "Treating SAFT as a hedging tool, liquidating as soon as it goes live, letting retail investors take over, this is destroying the industry’s future!"

📌 Three Lessons for Investors

Team Matters More Than Whitepapers: Magic Eden transformed from the NFT market to a cross-chain wallet, all thanks to the execution power of its extraordinary team;

Don’t Believe in the "Contractual Spirit" of the Crypto World: When projects get hot, they change token release terms? This is too common in the industry;

The Era of Quick Profits Is Over: StepN once made billions from a $100,000 investment, but now it requires "extending the cycle + controlling emotions" for patience.

Finally, a warning: "If you’re still playing with meme coins without revenue support, there might not even be scraps left by 2025. The crypto industry has moved from the 'Easy Mode' to the 'Hard Mode'—now it’s all about products, users, and genuine cash flow."