1/2 Fragmentic clearly shows the flaws of airdrop farming era: TVL down by 89% but $FRAG is down 97% to ... $1m market cap despite no hacks/rugs. They raised $12m Seed round from Robot Ventures, Hashed, BitGo etc. Simple truth: they failed to find PMF and farmers left.
2/2 Contrast $FRAG to $KMNO: TVL up by 2.5x to $2.5b while $KMNO itself trading flat (despite multiple airdrops).
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