Seeing so many AE complaining about losses, but VCs have also been heavily drained by project farming this cycle. VCs have lost massive amounts of money during this cycle, 2022–2025: They poured enormous capital into: L1s, L2s, GameFi, SocialFi, and AI. They valued many projects at hundreds of millions to billions, even tens of billions of USD—despite having zero real revenue. Then came token unlocks, weak liquidity, retail loss of confidence, FDVs way too high—and after listing, tokens dumped 80–95%. => Resulting in heavy losses for many VCs. Some funds have now: slowed down investing, demanded real revenue, required products aligned with market needs—they’re no longer throwing money out the window. That’s why AE currently sees almost no projects raising over $100M from top-tier VCs. L1 Movement currently has almost no active users, zero users, zero fees, zero revenue—even though it ran massive airdrops. Sorry, Movement, but naming you is painful; only 1–2 L1s are actually active and generating real revenue. We don’t actually need so many L1s—but airdrops need many L1s to farm 😂 and keep creating new L1s for devs to build and monetize. Current L2s are dying on-chain despite sky-high FDVs at listing: Starknet listed with a $40B FDV; KOLs called $20B FDV “cheap”—now it’s just slowly dumping to zero: Starknet, Zksync, Manta... Only 1–2 L2s remain active with real revenue, like Base (which hasn’t launched a token yet). Any L2 that already launched a token shares the same fate: no users, no fees, no revenue. Starknet once made arrogant claims about users: “crypto beggars.” Today, Starknet is a dead chain with daily revenue of $5—all positive news is just used to facilitate token dumps. Let Starknet’s token go to zero. Just read this for fun, AE: Anyone who jumped into the altcoin season of 2025 is now completely wrecked. Remember that guy who sold his land title to buy into the altcoin season? I wonder if he’s still alive? Meanwhile, the price of durian farmland has tripled. Let’s restart in 2027.