Yat Siu: Token Dilution Stalls Altcoin Growth

Yat Siu of Animoca Brands pinned altcoin stagnation on simple dilution math: the space holds steady at $1.2 trillion even as token count surges and the same 70 million on-chain users spread thinner. 700 million people hold crypto yet active addresses have not budged in four years. Meme coins pulled focus from builders after hostile regulation, while the NFT and metaverse wave once drove real growth before FTX and Gensler erased that base. Polymarket proved users will stay in walled gardens. Future expansion now hinges on AI agents transacting at machine speed rather than retail inflows, shifting the entire network-effect equation.