THE MATHEMATICS OF THE PURGE: WHY ADOPTION WON'T STOP THE DRAWDOWN

Summary from the TLDR Crypto newsletter

Rising utility does not hedge valuation risk. The current drawdown will cut deeper because markets punish broken math the same way they punished internet stocks in 2000. This means adoption can grow while prices collapse. Supply-side realities matter more than hype. Cheap blockspace, elastic chain supply, and value capture moving up the stack mean many infrastructure tokens lack a math-backed case for current multiples, so expect prolonged price pain even as real usage continues to rise.