The market is actually quite clear now: everyone is no longer competing just for capital, but for attention and a sense of participation. The whole VC coin playbook—high FDV and a “wait-for-unlock” unlocking schedule—is becoming harder and harder to keep the consensus, because retail investors are unwilling to keep paying for “future expectations.” Where will the capital ultimately flow? Most likely, it will flow to projects that let users truly participate. Recently, I’ve been looking at $M