DNΞT

A post on a true failure in DeFi. After one year or so without incentives (which revealed there was 0 real user demand for their product) @synthetix is resorting to $SNX token dillution again to drive fake demand for their product. After 7 years of building they were unable to have users use their product without getting paid for using it. As a result, capital resumes its flow from investors towards users which is the opposite way of how a business is supposed to function. It is negative value creation. This protocol has failed and is worth exactly $0 because it creates negative value. Holding $SNX tokens at any price is misallocation of capital which only serves to further pay for deluded developpers building products and services that no one wants to pay for. The market should really end this project so that @kain can start doing something productive for society like flipping burgers or smth. Look at their own admission: "The harsh reality is that without incentives, it is impossible to compete" Yeah because the real harsh reality is that your product is worthless and shouldn't be existing and drawing capital away from places in the space where it would be better allocated.