I just wouldn't confuse this with it being the fate of all Ethereum projects. This clearly doesn't make sense—but there are many areas where it does make sense, such as lending, decentralized exchanges, decentralized stablecoins, prediction markets, and many other use cases.

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What I meant to say was Ethereum social network projects. I mainly see them as places where people go to shill their NFTs and memecoins so they can dump them on other people. Their followers are just exit liquidity.