One of the clearest signs of liquidity fragmentation is the scarcity of assets with meaningful open interest relative to their market cap.
There's something like 10-15 assets that consistently trade above $500m open interest on any given day.
@velo_xyz One of the better realities is that there are so few new tokens that are legitimate that come to market that at least there's real enough liquidity / demand to be there when they enter.
@velo_xyz I can count on one hand the quality launches this year where the token maintained an FDV above $1.5 billion for a few months.
VCs have been sticking to telling their new launch tokens to launch at lower valuations.
Optimistic if anything, in all honesty.
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