Crypto does have its own tragedy of the commons. The shared resource is a finite pool of active users, attention, and onchain liquidity. Every team looks at that liquidity and rationally asks: how do we capture our piece of it? So we launch another token, another product, another incentive program, all competing for the same users and the same capital. Same users → new token → liquidity migrates → previous ecosystem weakens → another token launches → repeat. We’ve become extremely good at redistributing liquidity and not nearly good enough at creating it. That’s the final boss The sustainable loop is different: Better products → new users → new capital and activity → protocol revenue → better infrastructure → better products → more users. The goal shouldn’t be capturing a larger percentage of crypto’s existing liquidity. It should be collectively increasing the amount of liquidity and users entering crypto.