There are actually some really interesting possibilities for on-chain design, but since the proportion of programmers in the crypto space has decreased, and the degen ratio has dropped, basically, there aren’t many builders left. What’s a builder? Outsourcing teams in Shenzhen are builders. Now even outsourcing teams can’t get many development tasks. So where are the builders? It’s all just a bunch of money chasers now. Interesting designs and model innovations can’t attract much liquidity anymore. Plus, users in the crypto space don’t have much money these days.