I've been on the trader side, builder side, and funding side for years now. Time for a frank discussion. Tbh, crypto's food chain collapsed. The predators started eating each other more aggressively now, as the original prey still hasn't quite returned. The old altcoin flywheel is currently cooked. Predatory VCs and insiders pump early, dump fast, and rinse retail until they flee to memecoins -- only to get picked off by snipers, bundlers, and cabals. In the past, insiders could keep the game going with ponzi-like DeFi mechanics that induced leveraged liquidity. Now, the same cabals just keep extracting through new memecoins, draining what's left of market flow. It's not an easy problem to fix. Years of rewarding vaporware over real products created a culture where hype and speculation are valued more than actual delivery -- fueled by gambler participants chasing quick wins. With memecoins, at least it's honest -- people know they're gambling. The issue is when this mindset bleeds into "utility" projects with real potential. Some legitimate projects exist right now (Ethena, for example) with real usage and revenue, but VCs are suffocating them -- obstructing growth, inflating valuations before any product exists, and using retail as exit liquidity. It's a prisoner's dilemma: even if a VC wants to hold, they know others on the cap table will dump first, so they dump preemptively to avoid being left behind. Even the "regulatory easing" narrative hasn't reset the game theory. The root problem is old-school tokenomics skewed toward insiders, paired with absurd early valuations. Raising $50M+ before revenue or even an MVP is common. Often these rounds -- marketed as "strategic" or "KOL" raises -- are just exits for VCs via influencer syndicates. I've seen some of the most predatory deal flows firsthand, and refuse to engage now. Retail should in fact refuse to buy any project that knowingly enlists predatory actors as team members or advisors as well (shill then nuke, countertrade retail with X-ray order books, etc). We are a forgiving industry, but this should not without limit. We know this sector is filled with grifters and extractors but at least take everyone up for a ride first at a minimum. If they can't even do that, they should not be rewarded at all. Here are some quick brainstorms that could help address our underlying issues as an industry in order to attract retail and tradfi to come on chain to actually buy our bags (rather than just participate for yield or arbitrage): 1. Builders must stop rewarding predatory VCs. Vet their track record and call out bad actors. 2. Tokenomics and cap tables must be transparent. Retail should boycott anything opaque. 3. KOLs and syndicates must reject inflated pre-revenue valuations. This isn't 2021 -- numba won't go up by itself. 4. Longer vesting periods with meaningful cliffs. 5. Mandatory liquidity commitments locked on-chain for a minimum term. 6. Dynamic token unlocks tied to growth metrics, not fixed timelines. 7. On-chain governance with real power to adjust VC and team unlocks. 8. A public on-chain scorecard for VCs and founders tracking holding periods, dumping behavior, and actual contributions. 9. Punitive slashing for early dumps via smart contracts. Crypto is becoming increasingly embraced by tradfi, but when it comes to actually holding assets, it's generally limited in scope such as BTC and ETH. Yet the fundraising and capitalization structure is still operating like its nascent days of 2017-2021. Until incentives shift, all stakeholders (not just VCs) are aligned, and the culture stops rewarding vaporware over real delivery, the same cabals will keep extracting from a shrinking pool. If we want real adoption again, it starts with cutting out bad actors, demanding transparency, and aligning rewards with long-term success -- not quick exits. Don't underestimate human greed, as we may still get our altcoin run. However, it's important to stay grounded and authentic to oneself as the reality is the upside remains limited, short of some quantitative easing and money printing. Proceed with caution, and don't reward bad actors.