Crypto has always excelled in generating ambitious ideas like internet-native money and democratized finance, but executing these concepts has been challenging. Despite being around for 15 years, few actually use cryptocurrencies for payments, and many investors end up losing money in memecoins instead of benefiting from the technology. Recent data indicates that while Ethereum transactions have peaked, the median fees are significantly lower, suggesting users can transact more affordably. However, Ethereum's revenue has also dropped, leading to a staggering price-to-earnings ratio. Meanwhile, digital asset treasury companies are currently worth far more than the crypto they hold. Falling trading volumes among treasury companies hint at a future drop in crypto purchases. Solana's trading volume has remained stagnant, and the excitement over tokenized equities hasn't sparked enthusiasm among traders. Ultimately, while there may be growth in crypto network activity, much of the promise of cryptocurrencies remains unrealized, overshadowed by manipulative tokens and traditional market dynamics.

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