Since the end of the ICO mania in 2017, capital formation has become less pure, gradually veering away from the path that inspired greed in the community. In their place are tokens with high fully diluted valuations (FDV), low circulating supply or backed by venture capital (VC). However, VC-backed tokens have performed extremely poorly in the current bull market (2023-present). In my article “PvP”, I pointed out that the median performance of tokens issued in 2024 was about 50% lower compared to mainstream assets (Bitcoin, Ether or Solana). Ordinary investors who end up buying these projects online through centralized exchange platforms (CEX) are discouraged by the high prices. As a result, the trading platforms' internal market-making teams, short-sale receivers, and third-party market makers dumped tokens into illiquid markets, leading to disastrous performance.