We've been trying to figure out Solana tokens for 4 years:
2021: Technical Discovery:
FTX and early projects proved you could launch tokens without consensus mechanisms and extracted max value.
2021-2022: Distribution Experiments:
BONK showed "fair" distribution attempts, worked quite well but was non-replicable (all the copycats died).
2022-current: The Insider Tax:
Most teams just filled the gap with VC/founder allocations: the new default, everyone did it even if they were already making millions. Airdrops and points campaigns made it "okay" to extract from retail.
2023-2025: The Cambrian Explosion:
Token launching became SO easy that millions of memecoins launched, they all became worthless because they had no unique design philosophy whatsoever besides different names and pictures.
The progression is:
Proved possible → Misused → Became trivially easy → Someone finally used it correctly.
(^ORE, imo)
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