Hi Farcasters. Katie Haun and I co-wrote a post about the last week and how we think about it in the context of a long term view on web3. Here is the post on my web3 blog https://avc.mirror.xyz/0yXYaQUllC1da64aEpcMTK3d4UQ49bCVqUnfJ_xBtIs

With the switch from general public ICO funding -> VC funding in this past wave, appetite for funding "underlying innovation" collapsed, while web2 and Ponzi funding appetite exploded.
Will there be a shift back?
No.
Fair to expect a 40+ year winter, as happened in AI.
Cycles repeat. https://i.imgur.com/MtjRTqx.png