币界网报道：This is an excerpt from the Empire newsletter. To read the full version, subscribe. I know Permissionless is over, but let’s get back to the main stage one more time. Specifically, I want to focus on the Bell Curve x Empire Round Up. One of the most interesting parts of the conversation between Blockworks co-founders Mike Ippolito and Jason Yanowitz, Framework’s Michael Anderson, and Inversion’s Santiago Santos was the idea that crypto might have its own version of the Mag Seven at some stage (a term used to describe the “big seven,” or some of Wall Street’s top stocks). “The meta-narrative is: the token needs to make money. The token needs to have a business model. There needs to be a value accruing to the token, just like Robinhood and Coinbase or anything else that’s publicly traded, and we don’t have GAAP accounting,” Anderson said. “The next step will be: how do we get GAAP accounting so that everyone can look at these things on a fair basis? If you’re making money, then you have a chance to be in the Mag Seven. If you’re not, you don’t have a chance.” I think the meta-narrative that’s emerging is probably that we don’t quite have the Mag Seven yet, but we will, and it’s heading that way. The meta-narrative is, the token needs to make money. The token needs to have a business model. There needs to be a value accruing to the token, it’s just… pic.twitter.com/EVMBBqTCOp — Permissionless (@Permissionless) June 26, 2025 At this point, Anderson believes that pump.fun can be considered part of the top tier of tokens in crypto when it launches its token. But he also believes that BNB, Binance’s native token, has the “best token model in existence.” “As Americans, we’re not allowed to be customers of Binance, so no one knows about it, but that’s the fundamental basis of BNB. Not only is it 20% or 25% profit, which I don’t think is actually the case anymore, that’s how it started… Now, BNB is — if you stake BNB in Binance, you get discounted fees, but you also get an airdrop of any token that’s listed on Binance that you can sell immediately — and they do.” Meanwhile, Santos said the focus is very much on: What’s the next public crypto company (not a SPAC or Treasury vehicle, but an actual crypto company) and how investors can get a piece of it like Circle, Robinhood or Coinbase? “I’d probably bet on more and more liquidity coming to the public markets,” he said, adding that people are more likely to look at ETFs and crypto stocks than tokens currently. I’d say that’s been a pretty constant theme at Permissionless. I admit I wasn’t there in person, but I watched almost all of the panels via livestream, and the theme was pretty evident. Stablecoins took up a lot of space, along with discussions on how the industry can improve token frameworks; and of course, everyone is curious about the next company to debut via public markets. If the rumors are true, it’s going to be a long list. Get news in your inbox. Explore the Blockworks newsletters: The Breakdown: Decoding crypto and markets. Daily. Empire: Crypto news and analysis to kick-start your day. Forward Guidance: The intersection of crypto, macro, and policy. 0xResearch: Get Alpha straight to your inbox. Lightspeed: All about Solana. The Drop: Apps, games, memes, and more. Supply Shock: Bitcoin, Bitcoin, Bitcoin.