The quiet challenge of high-val L1s: even with real innovation or clever financial tools, the token keeps repricing lower. Over time that grind is demoralizing – for teams and investors and KOL’s, until momentum just… fades. Ironically, many L1s would love to restart with a tiny valuation with low inflation, a simple buyback/burn loop, and the chance to compound progress into a visible uptrend. That’s why you hear some founders calling for a full unlock of 100% of tokens to start from zero – as gives a chance to actually see effort translate into something positive. Low val is the new enviable position.