The speculative premiums many crypto projects enjoyed is a thing of the past.

The market is distinguishing between good protocols with bad tokens (no value capture, high inflation) and good protocols with good tokens (value capture, low inflation), as it should.

Our collective understanding of tokens, valuations and value capture has improved because we have more data having seen so many tokens trend to zero.

The bar is much higher now than in the past. Even more so when you consider that we have crypto stocks that big money can easily ape in to, and they are doing well.

We are also trending towards more transparency (e.g Blockworks Token Transparency Framework), so teams won't be able to hide how bad their tokenomics really are going forward.

No alt szn will bail out bad tokens. Risk on szns will amplify good tokens more.

Ands there are no new retail flows to bid tokens that don't make sense, like the past. Yes, we are retail, but we are just a hot ball of PvP money.

There is no exit liquidity for vapour.