Maybe: commodore

[Maybe: commodore @thycommodore]

lol ETH bottom is around $1k, still more to go

[Maybe: commodore @thycommodore]

crypto burnt

[Rex @R89Capital]

What happened to Zcash is catastrophically bearish for the entire crypto industry and I'm not sure people have realized that yet

AI has made what little upside there is left for these coins really bad r/r

[Maybe: commodore @thycommodore]

lol crypto is so cooked bro

[Polymarket @Polymarket]

JUST IN: Claude Opus 4.8 reportedly found a critical Zcash bug that could have allowed attackers to create unlimited coins.

[Maybe: commodore @thycommodore]

scared? it is bro

[profit | eca.eth @FlippingProfits]

is anyone else scared that crypto lowkey might be over

[DonAlt @DonAlt]

Why is crypto not going up while everything is?

Because a large majority of you cunts spent the last cycle promoting garbage negative sum meme coins to newcomers
Now those people hate crypto and your meme coin is worth zero regardless while some scamming cunt drives a new lambo

[Maybe: commodore @thycommodore]

@Croesus_BTC @TrustlessState goated

[Maybe: commodore @thycommodore]

this is what I keep laughing about, there’s all this “just you wait” in crypto but it’s been lapped

[Quinten | 048.eth @QuintenFrancois]

Crypto is getting obliterated by every other asset

[Maybe: commodore @thycommodore]

exactly this

thank god I saw this in 2023 & got out of ETH

rolled into AI & have made a killing

guys ETH can be used heavily & still be never going up since it switched

[Rhea @rheacts]

What if Ethereum keeps winning but ETH stops mattering?

David on why he went from Bankless to ETHless, and why Ethereum adoption may not be enough to save ETH the asset

"Vitalik is trying to protect Ethereum's soul. You can empathize with why, but it feels like there are interests that prohibit Ethereum growth and therefore ETH growth"

"The layer 2s, the banks tokenizing money markets, all this Ethereum adoption is great. The network is great. But it does not need a valuable ether to do any of those things"

"ETH as a money meme is in a trough. Confidence in Ether the asset feels like 2019 lows, and the Ethereum Foundation is not really stepping in to help"

[Maybe: commodore @thycommodore]

@gumsays if it quacks

[Maybe: commodore @thycommodore]

ZERO

[jawz @sayinshallah]

I think the beauty of crypto was being able to invest in projects early but over the past few years everything is just memecoins and a scam

There’s zero reason to build in crypto

[Maybe: commodore @thycommodore]

after a strong 2025 angel investing in ai infra, agentic payment rails will sit on crypto but money making opportunities will be limited and not on ETH

[Maybe: commodore @thycommodore]

wild because once you work your way into the underbelly you realize it was all rotten

[Alex Kehr @alexkehr]

it’s pretty wild that VCs poured billions into web3 and the category didn’t produce one breakout company

[Maybe: commodore @thycommodore]

@gumsays crypto ended up being a scam, sans BTC

bummer but true

[gum @gumsays]

literally having chills watching some of these stock pumps

every single stock tied to intel, nvidia, apple, google have done a 5x in the last 10 months

crypto is jail

[Maybe: commodore @thycommodore]

AI is saving crypto, wild

[Maybe: commodore @thycommodore]

@guywuolletjr lol crypto dead bro

[Maybe: commodore @thycommodore]

always been

it’s hypocrisy of crypto that kills me

[Maybe: commodore @thycommodore]

DeFi was replicating bad practices TradFi with the cover that TradFi was doing the same thing

it’s been rotten to its core since it was invented

insiders propping shit up, doing complicated mechanisms to print yield out of thin air

the game of musical chairs is over

[wale.moca 🐳 @waleswoosh]

Money is leaving DeFi at an unprecedented scale

[Sweep @0xSweep]

DeFi is dead and most of you still don’t understand what it actually was

It was never a financial system. It was a loop designed to manufacture synthetic valuations from minimal capital

Protocols didn’t grow capital, they multiplied how it was counted by turning one deposit into multiple positions

A token gets emitted, you’re paid to deposit it, and that deposit is recorded as TVL. That’s position one.

You borrow stables against that same collateral, deploy them somewhere else, and now that same base capital is supporting a second position on another protocol

Then you take the LP token from that, restake or loop it again, and it gets counted a third time

Lets simplify it with $100:

> You deposit $100 into a protocol, that’s your first position and it’s recorded as $100 TVL

> You borrow $80 against that same $100 and deposit it somewhere else, now there’s another $80 being counted

> You borrow $60 against that $80 and deploy it again, now that’s another layer

You take the receipt from that and loop it one more time

On paper you now have $280+ across protocols, but in reality its still the same $100

This is the same illusion as altcoins printing billion dollar market caps on tiny float

A $2B token with 5% circulating isn’t $2B of value, it’s $100M of liquidity marked higher by thin trading

DeFi did the same thing with TVL. Instead of multiplying price across supply, it multiplied the same capital across protocols

TVL became FDV in a different format

Protocols emitted tokens to LPs, counted those tokens as TVL, then counted the incentivized volume as usage

That volume generated fees, fees justified valuation, valuation justified emissions, and the loop continued

No external demand was needed and the system kept feeding itself

Every narrative ran the same structure. Yield farming, LSDs, restaking, points. Different names for the same mechanic

You weren’t earning yield. You were being paid in dilution

At the peak, $200B+ TVL implied capital that never existed. The real base was a fraction of that, looped, leveraged and counted multiple times

Each protocol reported it independently, dashboards aggregated it as if it was additive

That’s how the industry looked massive

This is why altcoin market caps and DeFi TVL broke at the same time

Both were built on internal pricing, thin liquidity, and recycled capital. One inflated valuation through float, the other through collateral loops

Neither represented real economic scale

The fragility came from this exact structure. The hacks weren’t random....

You don’t extract hundreds of millions from systems generating real external cash flow, you extract from systems where the value was already abstract

Strip out token denominated TVL, emission based yield, recycled collateral, and wash volume. What’s left is a small set of protocols actually moving capital

DeFi didn’t fail. It worked exactly as designed. It took limited capital, looped it, marked it higher, and distributed it

Now that the loop is visible, the numbers don’t hold

That’s why it doesn’t bounce. There’s nothing underneath it to support the scale it once claimed

[Maybe: commodore @thycommodore]

“but we went to some shit conference & had some really good conversations with institutional capital”

😂 💀

[Shual @0xShual]

So, to recap, the sentiment on the TL is:

- DeFi is dead: don't bother with it, don't deposit anywhere, 'just use aave' is dead, off-ramp and at best park with ibkr or coinbase

- The age of crypto is over: we're no longer early, it's the instutitionals era, coins have infinite price-insensitive sellers, and retail isn't coming to buy your bags

- Onchain is dead, especially on solana, because of pvp tards that rush to outdump each other on 30k market caps. The only true runners are flukes on ethereum that are old and have no gen z to control its supply and is reliant on elon tweets.

- The handful of projects that were considered investment-worthy are either not (aave, for example) or are already adequately priced (hype, zec). there are a few silent runners like $morpho but not many and low volume.

- GameFi is dead. SocialFi is dead. L2s are barren. Financial activity only exists to farm points.

Did I miss anything? Is anyone excited about anything? Something?

If you're reading this - why are you still in crypto?