Just some thoughts I wrote down on my phone last night: If you think about it, most tokens today hold no real fundamental value. They don’t represent ownership, produce cash flow, or function as stable stores of value. It's all speculation. In earlier cycles, retail at least believed in something, but now they no longer believe tokens can create sustainable wealth. They see the system as primarily benefiting VCs and other participants that were early. As an example look at Canton on Hyperliquid pre-market, ticker $CC, which is trading at $14b FDV. Like why would you want to trade that? You're not early buying into a coin valued at 14bn. Solana, Avalanche, Terra, Fantom++ all succeeded back in the day because rising token prices created psychological and financial momentum --> people believed in something. Without that kind of price cycle, and a price chart that points upwards, you won't create believers. Cobie pointed this out earlier in an article that the price appreciation now happens in the private rounds before tokens launches, which is only for the selected few. Props to Echo though, and in general we've seen more ICO's lately, which is positive. But just to end this, there's many similar L1s/L2s rn offering speed or scalability, but do we really need it? I don't feel that big difference between using BNB, SOL or ARB when doing transactions. I notice a slower speed on ETH though, but my point is why are we creating all this stuff that there isn't demand for? We are improving things that already work well. Maybe it is time to focus on actual use cases and utility.