brutal lesson but necessary

lets analyse the @infinex token sale

$100m FDV $3.2M raised from 650 people missing the $5M target vs @ranger_finance raised $86m on @MetaDAOProject

meanwhile other ICOs in the past week: @TroveMarkets went on to raise $11m, @cascade_xyz sold out in 3 seoconds

infinex had synthetix founder. massive following. strong brand. but market said no

heres my take:
- app-layer tokens now priced on demonstrated cashflow
- people want to see revenue model
- fundamental problem was valuation vs demonstrated value
- patron NFT holders paid premium for early access implied equity-like upside but didnt turn up well

this accelerates the separation. protocols with real fee capture will launch successfully. protocols with vague utility stories will flounder regardless of team

defi valuation reset is real and it's accelerating

https://x.com/arndxt_xo/status/2010679168120607084