the market is exhausted by overvalued, non-sensical tokens with no apparent buy pressure asia coins are good now but western coins can be made great again ($70m+ for the umbra ico!) productive assets (tokens that simulate equity via buybacks and burns) and changes in fundraise structure (futarchy, icm launchpads, flying tulip etc) so that team + private market incentives are aligned with performance based success and assets TGE at a smaller valuation are now experiencing increasing success here's what i've learned from the pain of the past few years - over raising will doom you before you even get started, it will force you to TGE at a higher valuation than public market demand can support - private markets comp your valuation to ethereum (if L1), op/arb/starknet (if L2), hyperliquid (if perp dex) etc on the assumption that public markets will abide by this metagame - the desire for small cap coins and having fun on the blockchain will never be exhausted, every iteration is just an evolution of better money games - as thiel says, dominate one market first then scale; @metagametrade is built for crypto markets first, then scale to support net new markets make western coins great again