The venture cycle is weird because it forces ideas from 3 years ago to come true today but the reality is there is little demand for ideas of 3 years ago. The space is pretty obvious in its few valuable verticals at this point but most aren’t focusing on developing this.

Because of how deeply technical a lot of ideas are in crypto, there is little pivoting that can be done and instead the best path for most is to push ahead but this creates chains and products that are just DOA. This is fundamentally different than traditional startups.