i think what’s really happening is that “crypto believers” have finally fully separated from post-ideological “crypto degens” degen world benefitted from an implicit alignment with the grand ideological project of crypto to decentralize the planet, but this alignment has eroded

degen world is now in their own crisis of meaning as they can no longer lean on the ideological project embedded in networks like bitcoin and ethereum when degen stuff has to justify and defend itself without reference to that, it looks less exciting, less valuable, more bleak