. @vitalik.eth ’s article is long, but it clearly describes the real pain points of many projects in two recent years. It explains why, after TGE, most tokens dump, and why even projects with good products still struggle to find real users. The core problem is simple. They used incentives the wrong way. Too much allocation went into InfoFi pools and Binance Alpha pools. The main target audience was not real users, but hype sellers. Projects chased numbers. They chased visibility. They relied on amplification from InfoFi to create momentum. And it worked, at least on the surface. The community looked big. Engagement looked strong. The narrative looked powerful. But the value did not stay inside the project. The people who made real money were the loud KOLs/yappers, BNB holders, and short term farmers. They understood how to farm attention, farm rewards, and exit at the right time. Meanwhile, the project itself gained users who were never there for the product. They were there for the rewards. When the rewards ended, they left. After TGE, selling pressure increased. Liquidity drained. Attention moved to the next trend. This is not a product problem. It is an incentive design problem. Refer my summary diagram below.