Crypto projects that have grown through token incentives have faced similar challenges to Web2 startups that burned through piles of venture funding. The data is quite clear that most subsidized liquidity is highly mercenary. Hence, we're starting to see more thought out liquidity mining products including OHM and Rift.

Key Takeaways: While web3 is ever-evolving, this bull run has shifted the dynamic for all participants.Investor allocations are decreasing. Team allocations are increasing. Airdrops have become a cornerstone of most distributions. Public Sales have all but disappeared. DAOs have shifted the majority of ownership to the Community Treasury and Ecosys

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