Previously, projects could talk about "millions of TPS" and "the next-generation Ethereum" since the mainnet wasn't live yet, and the dream was always on the road. Investors focused on narrative space, not actual revenue. Now, applications must demonstrate DAU, GMV, and profit margins because users will vote with their feet. This is also a return to value after the narrative bubble burst. The previous generation profited from "expectation gap" money; this generation profits from "actual value" money.