$BLAST market cap is now well below $BLUR, especially when you include that published market caps for Blast don't account for the whale airdrops that haven't vested. Blast FDV still is more than 3x higher than Blur.

Let's launch a token. What's it for? Governance. Governance of what? Our protocol. Who uses the protocol? No one yet. So why launch the token? To attract users. Free money, right? How is it free money if it's just for governance? If people use it, it generates fees, and the votes matter. Why would anyone care about voting? Because it’s popular. The protocol makes money, so other projects will want to control it. Can't anyone else just do this? Yes, but if we get big enough, it won’t matter. Isn't this just a meme? No, no, we add value. What value? The token can't accrue value. There's no moat; it's all open source. Then we'll launch a chain. And keep expanding. So it's a Ponzi scheme? Yeah, but after 2-3 years, people will forget because we tried. What happens after people forget? We launch another token. And what's it for? Governance. Governance of what? Our new protocol. Who uses the new protocol? No one yet. So why launch it? To attract users. Free money, right? How is it free money if it's just for governance? If people use it, it generates fees, and the votes matter. Why would anyone care about voting? Because it’s popular. The protocol makes money, so other projects will want to control it. Can't anyone else just do this? Yes, but if we get big enough, it won’t matter. Isn't this just a meme? No, no, we add value. What value? The token can't accrue value. There's no moat; it's all open source. Then we'll launch another chain. And keep expanding. So it's a Ponzi scheme? Yeah, but after 2-3 years, people will forget because we tried. The space mocks inflation and fiat money, yet look in the mirror. All these projects that keep launching tokens. The irony is rich. Value accruing tokens is what makes some of this legitimate. Equity has rights to underlying assets and cash flows. These tokens are glorified memes hiding behind the “can’t be a security” guise. Launch a legit token or just go launch a ponzi meme and stop wasting time.