Look, the current situation around Aave is heated, but it’s a discussion we absolutely need to have.
For everyone out there who’s unsure which side to pick, here’s my take.
TLDR: both sides are wrong.
There should be zero doubt about one thing:
All value created by Aave - smart contracts, frontend, IP, brand, distribution, everything - should belong 100% to the $AAVE token.
Once a project launches a token, it must fully commit to it. That also means accepting that the equity entity becomes economically irrelevant. Trying to make both equity and token accrue value almost always creates massive

GameFi has probably been the worst vertical we have ever tried in crypto.
Just a few prominent examples:
@GUNbyGUNZ / $GUNZ: raised more than $82M (plus some undisclosed rounds), currently trading at $118M FDV, down -89.7% from ATH
@playSHRAPNEL / $SHARP: raised more than $57M, currently trading at $5M FDV, down -99.6% from ATH
@PirateNation / $PIRATE: raised more than $33M, currently trading at $6M FDV, down -98.7% from ATH
@staratlas / $ATLAS: raised more than $13M, currently trading at $10M FDV, down -99.9% from ATH
Many such cases, they basically look all the same.
Massively overvalued and

gm to absolutely everyone except those that invested into shitcoins instead of precious metals
Who needs revenue when you can have shiny assets?

You remember Theoriq, one of the first ICOs on the Kaito launchpad?
They raised $3M at a $75M FDV and ended up 26x oversubscribed, with over $78M in commitments (more than the actual FDV).
Most people didn’t even know what the project was about. They just aped in because the Kaito launchpad was hyped at that time and the ICO offered a 100% unlock for investors.
It then took them 4 months to do the TGE for $THQ, which opened only slightly above the ICO price and has been bleeding ever since, now almost -50% below ICO price just 4 days after TGE lol.
Stop aping into every shitty project just bec

I largely agree with @santiagoroel’s recent article.
Crypto is very clearly in the post–dotcom crash phase that the early internet went through. That has been my core assumption for the last 1–2 years already.
That said, I’d like to add a few important thoughts of mine:
1) I would separate Bitcoin from the rest. Just like gold ≠ tech stocks during the early internet era, Bitcoin ≠ altcoins today. That explains why BTC has held up relatively well while many of the best crypto projects are arguably going through one of the toughest bear markets ever.
2) Yes, after the dotcom crash in 2000 it too

Investors flushing their money down the toilet climbs to record highs this year.
Sometimes you believe in something.
Sometimes you’re just delusional.
RIP $ZEC shielders.