WHY THIS CYCLE IS COOKED

Summary from the TLDR Crypto newsletter

Points-based airdrops create a rift between private and public markets as the abundance of VC funding and lack of new market entrants incentivize companies to stay private longer and open at multi-billion dollar valuations. The SEC's regulatory pressure has further exacerbated this issue by making it harder for startups to distribute tokens to users, which forces retail users to farm projects for an allocation. A new, more thoughtful approach is needed to balance the interests of regulators, investors, and the community.