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Critics say the crypto bear market has sounded Web3’s death knell. There’s no doubt the casualties are mounting.
Once-hyped projects are shuttering. Ecosystems that commanded billion-dollar valuations look like ghost towns. Meme coins that minted overnight millionaires are reverting to zero.
The haters say Web3 has been shown-up for what it always was: a liquidity-fueled mirage confected from speculative tokenomics and absent use cases.
There’s some truth in that. But it’s also true that bear markets do more than destroy. They stress-test narratives and separate winners from losers.
What we’re seeing now is the market’s version of a Darwinian reset, where selection favours the strong.
Too…
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