The essence of project fragmentation is actually quite simple—most people are unwilling to provide exit liquidity for others. Those who've made money from it understand better: if the base chips aren't in your own hands, participating just means helping others get rich.
So the choice becomes straightforward: don't join, don't pump, don't trust—start your own instead. Control the chips yourself, set your own price, eat the meat yourself.
The result? More and more projects, increasingly similar angles, each one slightly off but none truly taking off. It's like an exam where the whole class score
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