Circling back to the conversation around $XPL and similar emerging projects—I think the broader crypto space needs to pump the brakes here. Any project launching at FDV north of $50–100M should raise immediate red flags.

Look at the track record. The graveyard of failed token launches speaks volumes. Take recent entries like Plasma or Monad—projects that came in hot at massive valuations, only to watch momentum fizzle. It's not rocket science: sky-high FDV at genesis means brutal dilution pressure down the line, limited upside for early backers, and a fundamental disconnect between hype and actual utility.

The pattern repeats because market participants keep ignoring it. Tighter initial valuations historically create better risk-reward profiles and more sustainable ecosystems. That's not pessimism—it's pattern recognition.