"why crypto is actually kinda fucked right now," a brief history:
>for years, all the money went to infra and none to apps
>partly because apps didn't last and infra did
>but mainly because apps earned revenue which meant you could calculate their value
>ie, infra got all the money because it was memecoins, and there is no ceiling on memecoin value
>but slowly, slowly, memecoins began to die. and infra valuations began to die with it
>actual apps (including, ironically, memecoin apps) were generating major revenue
>so for the first time, it made sense to invest in apps because they actually had longterm value accrual
>infra tokens, meanwhile, were being sold off in year one by market makers who effectively shorted the token (by borrowing it)
>so all the attention and money swung from infra to apps, right?
>well no. because nobody wanted to invest in new crypto funds or startups
>see, the markets had consolidated around long-term tokens like btc and eth that were free from the market manipulation of infra memecoins
>effectively the money had gone from VCs to infra, and it was not coming back
>so this is where we are today
>everyone knows apps are the great investments, but nobody has money to invest in them seriously
>everyone knows infra are turning into losing investments, but they have all the money
>so there is only one solution here: infra needs to put its money into buying and building apps to survive
>and until that happens, everyone in crypto—infra, apps, and VCs—is very fucked
>except, of course, the bitcoin and ethereum OGs
>and this is why crypto is actually kinda fucked right now