Crypto as we know it is changing in front of our eyes at the moment. 4 years where most token launches have done the low float high FDV model. The top of the iceberg is Polychain selling of 240 million TIA. But are they really to blame? If you think about it, they're just following their mandate. Pretty sure any person with unlocked tokens would have done the same. Anyone remember the golden days when a token got a CEX listing meant it would pump? Well, these days are gone too. Basically everyone is frustrated right now. Traders are adapting to the new game, memecoin trench warriors are PvPing each others, founders complain because people don't use their protocols, retail complains because the markets are saturated, VC's miss the easy days (harder days started end of 2023). TradFi is here, and they are not buying our altcoins. Anyway, now in 2025 we have: too many tokens, tech we don't need, and projects that haven't found PMF, tokenomics that don't work, airdrops which people immediately sell for stablecoins. Yep, basically no one believes in anything. We will get more tokens until we reach a market equilibrium where there is no upside anymore for VCs, KOLs and founders. We're getting closer, but we are not there yet.