• Liquidity is fractured across 50+ chains. Exit liquidity? Non-existent. • Retail got rugged too many times. Trust is gone. No new money flowing in. • VCs dumped on everyone at unlock. Now they're sitting on bags they can't exit. • Memecoins cannibalized all the attention. Why buy utility when dog coins pump harder? • Regulations tightening globally. Exchanges delisting. Projects can't operate freely. • Macro is terrible. Fed's still hawkish. TradFi money isn't rotating into crypto. • Too many tokens, zero moats. Everything feels like a copy-paste.
The market's not broken. The incentives are. Fix distribution, fix liquidity, or we're stuck in this chop forever.