“Out of the 326 projects launched, less than 10%—only 32 projects—made it to spot. This means that 90% of the projects launched on alpha this year ended up as fuel for the platform.” This doesn’t really say much, except that without Binance as an exit route, most VCs are basically looking at a losing game. As for those who don’t use Binance for exits (at least not yet), like Hyperliquid, they firmly deny VC involvement, distancing themselves as much as possible. DeFi and other more 'long-term' tracks mainly serve to 'add leverage' or help whales 'hide' their leverage—essentially the difference between perp (up to 100x leverage) and DeFi (up to 3x leverage). So, is this a problem with the entrepreneurs, or is it an issue with the VCs’ thesis? Some verticals just don’t make money—that’s an objective fact. Could this be the reason why the 'stronger' entrepreneurs avoid certain specific 'construction fields'? Because the stronger entrepreneurs are all busy building casinos. Just saying.