IS TOKENOMICS REALLY USELESS?😰 Crypto projects often experiment with all sorts of complex tokenomics — from faucets, locks, to multi-token loops — in an attempt to coordinate token prices. But in reality, tokens that truly hold value are often "riding the wave" of product-market fit or narrative, rather than stemming from dense pages of incentive models. A few notable examples: Berachain: The Proof-of-Liquidity (PoL) model ties security to LP, but the rapid yield "flywheel" backfires: Early inflation too high + liquidity outflows caused $BERA to drop from $9 to below $1.7. CurveFinance: veCRV locks more than 50% of the supply and creates a fee-sharing mechanism for LP, but the price of CRV still depends on protocol revenue. AerodromeFi: ve(3,3) deployed on Base attracted over $1 billion TVL in just a few weeks; however, the rate of token issuance soon exceeded natural trading volume. Boopdotfun: Implemented every strategy from fee sharing, airdrops, KOL rewards, to "cult" rankings, yet activity still plummeted by 90% just after a week. Token ≠ Product. => Therefore, tokenomics is not useless, but often overhyped. A good product with a simple mechanism often wins over a weak product, even if it has "elaborate" tokenomics. A prime example is Hyperliquid — no convoluted loops, just a focus on deep liquidity, low spreads, token buybacks, and transparency. Consensus and sustainability > complexity. Use tokenomics to amplify real demand, limit value loss, and share value with actual users. #tokenomics