No project in crypto needs to raise over $10m. Full stop. I frankly think alot of these big projects (@berachain , @monad_xyz , @AbstractChain, @infinex_app, @movementlabsxyz etc) get their valuations strictly because of the need for BIG capital allocations from large VCs. When big VCs raise $300m+ there is functionally no way to deploy it unless you write some $20m+ checks. Even if you are doing $5m allocations you would have to invest in 60 projects (and dd 1000+) These are great projects but there is no fucking way they need this much money. Monad: $248m raised Berachain: $100 raised Movement labs: $140m raised MegaEth: $20m raised (awesome exception!) What protocols actually need $20m in capital in a business with marginal fixed costs that are extremely lower and just getting lower with AI? We're effectively funding these start up with 5+ years runway...when they also get additional runway on token launch. This creates terrible motivation incentives for the team. The valuations associated with big capital intakes set the bar so high that they are priced for perfection for what their user and revenue metrics will be 10 years in the future. If you admit the industry isn't ready for these kind of rounds you have to return capital and not charge mgmt fees. These project valuations are directly a transfer from VC LPs into marketing and yield farmers for these projects because you have no need to spend the money on anything else! No more raises over $10m. No more FDVs over $100m. Retail wins. Price discovery wins. Product market fit wins.