What’s going on with crypto startups? 1) Tokens are no longer seen as quick exit liquidity. Everything is memecoin. 2) VC funds pull back writing checks. L1 and web3 dev infra are no longer investable. Smaller TAM while AI captures everyone’s imagination. 3) No follow on rounds from VCs. No token buyers in a bear market. Shutdown or pivot to stablecoins, RWAs/DeFi or AI. The best with revenue will be fine. But the crypto venture game has changed and 2025 & 2026 are the market reacting.