Recently checked out some projects, and my most direct feeling is: no innovation anymore. Projects reinventing the wheel are clearly just trying to scam some funding and follow the bn alpha process. These usually don’t allocate much to retail investors anyway. The few new tokens on alpha recently—aren’t they all just reverse farming us? Some new projects on Twitter haven’t even launched a demo or token yet, and I’m already treating them as memes. As for researchers from some established VCs, they’ve all shifted focus to the AI sector. Hardly see anyone paying attention to new crypto projects anymore. What I’m more interested in is the x402 + erc8004 combo, but even that has been super quiet lately. In my opinion, the rise of the AI sector has hit the crypto space hard. The replacement of people is secondary; the real issue is the talent drain. When no one wants to explore or research an industry, that’s the saddest part. Oh right, there’s also the tokenized stocks sector. I’ve seen a few projects using on-chain stock tokens for DeFi investment products, like @NestUSD and others. But honestly, I think it’ll still take some time before this really takes off...