Apart from the fact that we now have dozens of chains competing for the same developers, users and liquidity, the cumulative REV across all of them is down more than -95% from the 2021 mania. And still down around -90% even from the early 2024 memecoin bubble.


So whenever I see massively overfunded tOp TiEr VCs still investing in new chains just so they can deploy larger checks and rerun the old infra premium playbook, I honestly can’t help but laugh at this point.
The infra circle jerk was fun while it lasted, but I’m glad we’re finally reaching the stage where the industry is focused on building real use cases and real businesses onchain.
Time to make the pie grow again.
MEME0.63%
INFRA-5.02%
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