the reason why developers are leaving crypto is much simpler than people realize, its because of memecoins
when developers who have been working 40-50 hours a week on a project open twitter, and see their feed dominated by pumpfun projects which require 0 technical expertise yet reach 9-10 figure valuations, they feel 0 motivation to actually try and build something useful. This isn't only because memecoins reach such high valuations but also because the industry mostly doesn't care about 'useful' things
This is unless it's something which enables better gambling - like pumpfun. But, if the future of this industry is just building better mechanisms to gamble with, this is not a serious industry and people should not expect top tier developers to stay or actively build here
You could argue that crypto has always had memecoins, but the rise of solana's dominance over the past year is obvious proof that the memecoin industry mindshare has increased exponentially compared to the past
personally i couldnt care less about the future of this industry/the future of memecoins but i just think that the reason that this graph has topped out is much simpler than people realize
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