The shakeout concentrated in oversaturated sectors: layer-2 networks, protocol tooling, and infrastructure plays. Projects without real adoption or differentiation are disappearing first.
Just as 99% of dot-coms failed in 2000, the crypto industry is purging unfounded projects built on hype alone. Survivors will be those with real on-chain activity and clear utility.
Venture capital shifted to proven platforms, regulatory clarity ended legal ambiguity, and institutional flows consolidated around Bitcoin and Ethereum—leaving smaller alts stranded.
Projects need more than whitepapers and Discord communities. Real on-chain usage, revenue streams, and differentiated technology are now non-negotiable for survival.
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