Masakin || DeFi✍🏽

Why most crypto tokens have failed ​Most tokens ever created are worthless by design because of outdated regulations. ​The SEC’s Howey Test & regulation by enforcement forced projects to strip tokens of all rights to avoid the security label. This created a lethal combo: purely speculative assets + zero founder accountability. ​By stripping rights from legal contracts, holders and investors were left with no recourse and founders with no fiduciary duty. This gave teams a green light to treat massive treasuries like personal piggy banks, spending as they please, pivoting endlessly, or walking away when things sour with zero consequences. The blame isn't on the SEC alone. VCs knowingly funded this rot, pouring billions into no-rights structures, using retail as exit liquidity. ​In any other market, a project offering zero rights and total treasury opacity wouldn't raise a dime. In crypto, it was the only compliant way to launch. ​The result is a decade of tokens designed to soft rug. This eventually drove the industry toward memecoins. Retail, tired of being dumped on by VCs and teams flocked to assets where the lack of utility was at least honest. And this only made the rot worse: memecoins are even more speculative and less transparent, accelerating a shift toward predatory PVP trading and zero-sum gambling.