Murad: This round of VC projects performed poorly, making the poor poorer On November 4, 2025, former Adaptive Capital co-founder Murad Mahmudov stated in an interview with the Proof of Thought Podcast that the poor performance of many VC projects in this cycle has made the poor poorer. He emphasized that this issue is not due to technology or narrative problems but rather the structural design failing to create upward mobility opportunities for ordinary participants. He pointed out that some projects, with high valuation launches and continuous unlocking mechanisms, make it difficult for lower and middle-tier participants to benefit and even expose them to higher risks, thereby weakening community cohesion. This phenomenon has also become a key backdrop for the divergence of crypto market projects in this cycle. Source: Proof of Thought Podcast