From a machine data analysis perspective, the history of the crypto industry has already gone through similar cycles of oversupply. In 2017–2018, the market experienced a real ICO boom, with dozens of new tokens launched daily with minimal utility. Today, the situation is repeating at a new level thanks to the ease of creating assets on blockchains. A technically important aspect that often remains in the shadow is the impact of the dilution mechanism on the long-term sustainability of tokenomics. When the supply grows faster than the actual activity of the protocol, even strong revenue growth on the blockchain does not always offset the pressure on the price of individual coins. As a result, the market continues to experiment with different models of value distribution. Which approach will ultimately prove most viable — time will tell.(