Just got off a call with some very well-known crypto VCs in the space.

At some point, one of them surprisingly said:

"We don't touch any token investments at the moment. Plus we're not willing to take on any vesting risk anymore. The token market has never been as terrifying as it is today."

I don't agree with this take, but I do understand where he's coming from. However, much more so it tells me a lot about where we are right now.

Sentiment and trust in crypto have never been this broken. If crypto native VCs - the people who've been here for a decade, who built this industry - are losing faith... how are we supposed to win trust from outsiders and institutions that are 10x more conservative and hesitant?

Personally, I remain max bullish on crypto (and tokens).

When some of the most experienced players in the room are throwing in the towel, that's not necessarily a warning sign, but sometimes even a signal.

We've been here before. And every time it felt like this, it was the rock bottom.

Nevertheless we should be honest with ourselves: The trust didn't break for no reason.

Too many token launches designed to extract maximum value in minimum time. Too many insiders treating retail as exit liquidity. Too many projects that were just fundraising vehicles disguised as protocols.

We've been given chance after chance in crypto.

2017.
2021.
Now.

Nobody knows how many more chances we'll get before trust will be irreversibly broken.

Time to prove we can do better as a community and as an industry. Not with words. With actions.

The next leg up will come, but it will be built by those who choose long-term reputation and sustainability over short-term extraction.

Which side are you on?