Avalore Dump Week 26

"Cranky, going to Z E R O" Edition

Get absolutely obliterated, ETH L2s! By @memofrogwell

Well we’ve officially hit 6 months of Avalore! Never thought it would last this long. Unfortunately, the market has decided to punish my persistence by shooting itself into the sun.

If you’re still here, please remember that crypto is a scam and you should take profits early and often. Except $MyBags—that coin is not a scam and has real sustainable revenue. It will change the world!

Anyway, let’s do some news!

$CAPY Does the Thing

Another presale in the books! This one went about as well as could be expected (not well!). I apologize to anyone who took my praise of their app as endorsement of the token.

Friendly reminder that the tech doesn’t matter! Only marketing/hype/founder matters, and this token simply did not have much interest outside the Turkish and French communities.

The presale valuation was way too high (around $900k when I was asked to submit), and only about 1/3rd of the raise went into LP. Also they launched on a day when the market nuked, although to be fair that is every day now. Overall it was a complete recipe for disaster.

I used to laugh when I saw people work on projects as a “Tokenomics Advisor” or something dumb like that, but now after helping various people with tokenomics and seeing launches with math that’s destined to fail, I understand why these roles exist! People are VERY bad at this!

Also it seems like every account in the presale is some kind of low effort alt or bot. I have some of the wallets tagged from various projects I worked on in the past. Who are these people??? Seems like Capy had a number they wanted to raise, and did whatever they could to hit that number.

Overall it’s unfortunate because the devs (not “devs,” but the actual coders) put more effort than many others into delivering a product. It’s just not a product that moves the needle for most people, and it will probably all be forgotten anyway due to poor planning from leadership. I’ll let Digger play us out.

Price is Down, Community is Sad (Again)

I’m really sick and tired of writing the same shit every week! Running out of angles to attack this from, so I’m just gonna use this section to address the main responses that are made to community complaints, and why people tend to find them unsatisfactory.

1. PrIcE iS dOwN eVeRyWhErE

This one grinds my gears the most because it’s such an insane cop-out and feels very condescending. You think we don’t know the whole market is shit?? That’s not the point!

The point, obviously, is that AVAX has gone down much more than other tokens. I know math is tricky and all the numbers are red, so let’s use an example.

If AVAX was down from ATH only as much as Solana, we would be at $44 right now. Forty four!! That’s a 5x from here!

It’s hard for new employees to resonate with this as a lot of them got hired when AVAX was in the $20-$40 range (and probably don’t hold the token anyway), but the reality is that the only people psychotic enough to still be here were around when AVAX was well over $100.

People aren’t frustrated because price is down, we can handle that. People are frustrated because it’s down way more than its peers. The market does not excuse this.

2. StOp AsKiNg AbOuT MeMeCoIns

We get it, FDN will not be buying memecoins. That’s ok! Mfers will act like the only thing that could possibly please the community is pumping our shitters.

While that is obviously one route, it is not the only one! People just want some semblance of interest in on-chain activity. Any form of actual interaction from the company with the people who use this chain daily beyond just group chats and “we’re working on it.”

Right now it feels like there are two completely separate worlds. There’s the AVAX that BDs and executives are working on, and then there’s the AVAX that CT and users interact with.

I don’t mean to shit on Brian here, because obviously this stuff is cool and it’s a job well done. This merely goes to show the disconnect between the worlds. When the suits think of the AVAX “ecosystem” these are the kinds of projects they’re talking about.

I would wager that if you’re reading this you probably haven’t heard of and won’t interact with most of these projects. When I think of “ecosystem” I’m thinking about memes, ponzis, NFTs, and grassroots projects like Pointsmarket.

Yes it’s great that AVAX is doing a nice job on the B2B and tech fronts—every employee made sure to take their victory lap after Vitalik’s L2 comments—but none of this moves the needle for the average chain user.

The community is upset because our section of the ecosystem feels looked down upon. It’s a zoo for the employees to observe from afar and occasionally wade into. Is it necessary at all? Why does the community exist? If AVAX is to continue down the path of what amounts to a B2B company, how do we fit in? I am not a business!

Yes it’s possible tokenomics changes will align these two worlds, but we’re skeptical. We’ve already made massive changes to tokenomics. There was no alignment when L1s were expensive to run, and it appears there’s no alignment when they’re cheap.

Positivity Arc!

Ok that last section was too negative probably. Let’s end the article on a positive note!

AvaLabs is clearly doing a good job onboarding business partners. The tech is something that seems to have a growing market, and there are people who want it. They are “skating to where the puck is going” in the tech/partnerships worlds.

The issues and frustrations coming from the community all stem from the fact that these successes exist completely separate from the version of AVAX that we interact with. Complaints have nothing to do with lack of belief in the Avalanche team’s ability to work towards their north star, and everything to do with the fact that we don’t see where we fit in on that journey.

Are we spinning towards a world where AvaLabs has all kinds of successful partnerships and revenue streams, yet the token is $2 and there is no nobody left on chain?

There are so many incredible builders already on this chain, and the community is undeniably one of the most hilarious and sharp communities in all of crypto. This is why most of us are still here—it’s not the tech, it’s the people.

If the community is really nurtured and supported, the organic excitement would onboard more than any top-down initiative ever could.

That’s all for this week! Sorry if it was too heavy on ramble and not enough drama. Not much going on while the market speedruns to zero!

Thanks for reading half a year worth of these stupid articles. It really has been fun writing them—the lore on this chain is simply unmatched. I love the people who make up this community (that’s you!) and I think we all just want the chain to succeed.

I don’t want to have to bridge somewhere else to make money, I want to do it here with you idiots.

Tweet(s) of the Week