i think we need to have a much more honest conversation about capital formation in crypto the way tokens are currently valued in private markets is entirely detached from their actual value capture mechanics, often based on flawed assumptions about future growth and profitability the way founders and operators are incentivised is also broken: the playbook of maxxing private round valuation to then launch a doubly overvalued token with 90% of the ecosystem already bagholding does not create alignment or value lastly, when TGE is hyped into an exit instead of a beginning, extraction beats building every time its time to think outside the box