Massive adoption is the greatest trap in crypto.

Mainstream interest is at a record high while token value accrual is fundamentally broken at the base layer.

Everyone is launching a social coin now but the actual utility is largely already priced in.

The real capture is happening higher up the stack in DeFi and specialized apps that generate protocol-captured revenue.

Legacy chains are increasingly becoming digital archives of past success.

The builders have already moved to the next floor.