If you look at the data, the usage of most onchain capital formation products is very closely correlated with crypto market prices.

This creates a paradox for the compliant, equity-focused versions of these fundraising products.

When markets are up, people can sell memecoins or NFTs instead of equity, so they don't use the compliant ones.

When markets are down, the compliant products will have low usage and can't do much to help you raise.

Hence why we have lots of dollars raised via memecoins and NFTs and relatively few raised via crowd equity sales.