This is the era of crypto where you finally see large cap vapour trend to actual zero.
$7B FDV for Cardano is utterly ridiculous.
We still have a large number of bloated failed crypto infra projects trading at irrational valuations.
Part of making crypto investable again is returning vapour to where it belongs, and allowing cashflow positive apps to rise up the rankings.
This is a good thing. We should not have to feel embarrassed looking at the top 20.
Long revenue producing crypto assets with value accrual/short vapour historical infra remains a good long term trade.