@0xniccomi
this cycle is rekt.
the alt season never really took off unlike other cycles because alts kept bleeding against BTC and structural factors (ETF money, risk-off sentiment) limited new retail capital. projects were forced into extractive TGE & tokenomic models as the only viable PMF strategy, which further scared away remaining retail, creating a death spiral.
the only exception were hyperliquid and pendle? they had genuine product utility and/or narrative strength.
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