Over these past two months of hanging out in the KOL groups and “pushing” with the crowd, zhaozhao and I noticed that many veteran “old money” players are still stuck in the inertia of path-dependent thinking: “Since HYPE has opened up the Perps cap, then go ahead and set up a stakeout for the next project—start burning money like crazy to exchange for points!” For many of them, their principal and income mainly come from project partnerships plus advertising fees. In the earlier waves of big anti-scam projects for ordinary players,