In fact, VCs have greatly underestimated the PTSD of high market value startup tokens in the current market, Especially the teams that are still working hard to promote investment incubation on the front line. You can review how exaggerated the market value of VC coins is in this cycle, especially around 2024. STRK has a market value of up to 50 billion yuan SAGA's highest market value reaches 7.6 billion $W has a maximum market value of 16.5 billion ZK's highest market value reaches 6.3 billion DYM has a maximum market value of 5.2 billion ETHFI has a maximum market value of 4 billion ALT has a maximum market value of 3 billion Then this PTSD formed a coordinated game, and once the market reached a consensus that high FDV new coins would eventually decline, they would inevitably fall. Therefore, the beneficiaries of the airdrop reduced their positions when they saw a rebound, and retail investors shorted when they saw a rebound. The reason why VCs and project parties have begun to value destruction and buybacks is that the bullish logic is completely inferior to the demand side in terms of valuation expectations. Real cost and revenue driven buybacks, destruction, and distribution are almost something rarely mentioned in the previous cycle. However, as the saying goes, the magic rises one foot at a time, and most retail investors can also imagine that these so-called value captures cannot capture tokens. They are basically captured in the company team or market making structure, which is commonly known as the agreement income belongs to the DAO (in fact, it is still owned by the company foundation). In addition, some false demand has been dispelled, such as the fact that most of the profits from staking come from inflation, and staking itself is a delayed sale, resulting in a significant decrease in staking demand, a large number of nodes being shut down, and so on. VC coins have even lost the last moat of staking. If nothing unexpected happens, the core of the next cycle will still be fair launch, not VC knockoff season.