THERE IS NO PVE I LOVE YOU

Summary from the TLDR Crypto newsletter

Crypto discussions framing memecoin markets as “PvP” versus “PvE” miss the point that it's asset quality, not game mechanics, driving outcomes. Profit-taking is inherent to any tradable asset, and issues arise only when the underlying tokens lack real value. The memecoin cycle has industrialized issuance costs near zero, trading strategies are streamlined, winners narrow, and liquidity concentrates with insiders, stifling large upside moves. Nevertheless, speculative demand persists through high-convexity bets like Binance futures and breakout meme launches, even as the broader market shifts toward genuinely revenue-generating protocols such as perpetuals, lending platforms, launchpads, on-chain trading apps, and MEV infrastructure.