Inflated valuations and weak business models are driving crypto’s shakeout, Global Settlement Network CEO Ryan Kirkley says. Crypto’s wave of closures is exposing projects that raised too much money at unrealistic valuations without building sustainable revenue, Kirkley said. Token-based governance and fundraising incentives compounded the problem by making it harder for projects to pivot and rewarding overly optimistic narratives. The shakeout comes as bitcoin approaches a potentially critical…
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