DOT is trash and has dropped 99%! Serves it right! ① There’s barely any DeFi in the relay chain, all the money is on the parachains. The entire ecosystem’s TVL has been stuck below $300 million for a long time, with real assets on parachains only at $54 million, highly concentrated in a single app, Hydration, which itself shrank by 81.6% in just one year. ② Moonbeam, the flagship project, has bailed. Tokens were migrated 1:1 to Base, and the slot auction model is officially dead, replaced by Agile Coretime. ③ They used to rely on endlessly minting DOT to pay staking rewards, but now inflation has dropped to 3%. Meanwhile, staking yields have plummeted from 10-14% to just 2.8%, making the opportunity cost of holding DOT ridiculously high. ④ The entire ecosystem’s locked value ranks 97th among mainstream blockchains, completely disproportionate to its market cap—bottom of the barrel. ⑤ The protocol is still being written, JAM’s mainnet is delayed until 2027, but 46.9% of developers have left in the past two years. Daily active wallets are under 5,000, and both users and projects are voting with their feet.