“low float, high FDV” projects are harming retail investors and destroying the market in the long run.

The primary concern of retail investors is "Who can I trust when investing in projects?" Initially, it was "trust Vitalik (or other project founders)", then “trust big CEXes”, and "trust major VCs/KOLs" as they have conducted thorough due diligence and possess deep industry understanding. While it's true, by choosing to trust these parties, retail investors essentially hand over their wallets to them, who could unexpectedly act against the investors' interests.

In the short term, to address this issue, we require more neutral and credible research institutions. However, these institutions may eventually evolve into another form of VC or KOL and join the quasi-trust monopoly game in the long run.

The ultimate solution is to "trust metrics." These metrics, must be derived from on-chain data, should be fair and understandable to the public, similar to Earnings per Share (EPS) in the stock market, but not reliant on external auditors. TVL is a great early metric, but its credibility has started to wane as many projects are exploiting the system. With such a subjective metrics like EPT (Earnings Per Token), a project’s valuation could be simply calculated as EPS × (a reasonable) PE Ratio, not token price * num of tokens.

When we focus enough on "earning," we will be naturally think more about "building innovations that are useful to people and make the world a better place" rather than engaging in capital play. This approach brings us back to the original spirit of decentralization IMO.