this is exactly right we didn’t put in the effort to grow retail around the idea of high potential decentralized apps this time around (and yes, a lot of them go to zero over time and some were rugs, too- but some were real projects which changed the space forever) instead, the space doubled down on all of that being worthless and instead encouraged ribald gambling with no pretense and no veneer. there are no fundamentals. it became purely a game of who can exit first. there is literally nothing else to it we attracted a different kind of participant as a result. they all lost their money and they didn’t get backfilled fully because people realized they can just gamble on sports,etc. with legal apps and get better odds in a less rigged game. to the extent that they were backfilled, it was with fewer and fewer participants with less and less money to their name the entire non-BTC / digital gold space has now bifurcated between the future of permissionless social gambling (where everything is basically guaranteed to eventually go to zero) and the backbone of the new financial system (built on Ethereum) this is why ETH and Ethereum ecosystem legit apps will pump with institutional and more sophisticated retail money, while a huge number of alts will not during this cycle fwiw, i’m sad it ended up this way