Crypto VCs are facing their toughest era. Venture capital was built to make the best young talent work for the rich, but it fundamentally depends on regulatory clarity and legal enforcement. Crypto is different. It’s nearly lawless. There are no guaranteed exit channels. In traditional markets, exits happen through M&A. In crypto, VCs have no control over CEXs. No guarantees, no leverage. As this cycle unfolds, we’ll see fewer VC-backed moonshots, and more early-stage teams focused on real product-market fit. Once PMF is proven, airdrops will shrink, which leads to less farming. The paradigm is shifting faster than most realize.