VC tokens to some extent died because of airdrops. Here are a few typical examples: ZKsync airdropped about $1.1 billion worth of tokens. Starknet airdropped about $1.2 billion. W airdropped about $1 billion. There’s also BLAST’s $476 million airdrop and Scroll’s $100 million airdrop. Just these 5 projects alone airdropped around $4 billion worth of sellable tokens near TGE. A bear market alone can’t completely kill VC projects that raised tens of millions, but airdrops can.