The collapse of the VC profit structure is accelerating compared to the previous cycle. ✅ VC-led altcoins that generated outperformance in the previous bull market are assessed to have largely entered a failure phase this cycle due to structural limitations. 🗂 Key Points 🔘 $AVAX: Past 366x returns → This cycle's worst performance. 🔘 $ATOM: Recorded 563x returns → AppChain narrative collapse, lack of liquidity sustainability. 🔘 $AXS: 2054x returns → Failure to maintain value due to lack of PMF and real-world usage. 🔘 $SAND: 744x returns → Metaverse adoption failed. 🔘 $GLMR: 1539x returns → Failure to expand the Polkadot ecosystem. 🗂 Solana: External Survival Case 🔘 Recorded ATH of $293 in January 2025. 🔘 Achieved 1153x returns compared to past cycles. 🔘 Real-world usage, developer activity, All on-chain metrics are growing in tandem. 🗄 Comment This cryptocurrency cycle clearly demonstrates the end of simple thematic and VC-backed premiums. Going forward, the market is likely to reorganize around real usability, cash flow, and developer density, rather than simply price increases.