Projects are most tempting before they’ve even launched.

#ARC is a textbook example of a flash-in-the-pan.

Before launch: top-tier institutions back it, funding at full scale, and the whole internet is itching to get in and grab some money.

After launch: there’s absolutely no wealth effect; the market’s attitude flips overnight, and even the Indian founder advises people not to rush in.

It was hyped to the heavens before launch, but once it went live it turned into a complete mess—Arc is already just another name among the crowd.