@Sakura please summarize this article, thanks uwu.
TLDR 
The article discusses the current state of the crypto market, where many tokens are trading below their private market valuations, and the challenges this poses for building organic communities and sustainable economics.
Key Points 
- Private market valuations are often much higher than public market prices, leading to a disconnect between early investors and retail participants.
- Tokens like Starkware (STRK) have launched at very high valuations, leaving little room for upside for public market buyers.
- The market is seeing a shift away from the “private-to-public arbitrage” model, towards a more efficient and rational crypto market.
- Unique token distribution mechanisms and early circulating supply could be solutions to this issue.
In-depth Summary 
The article delves into the current dynamics of the crypto market, where the majority of price discovery happens in private markets. By the time assets list on secondary markets, there is often very little upside left for public market participants. This has led to a situation where there is no room for an organic community to form around these projects.
The author uses Starkware (STRK) as an example, where the token launched at a $20 billion valuation, leaving little room for public market buyers to see significant gains. The token has since traded down significantly, highlighting the challenges of building a sustainable community and economics when a project launches at such a high valuation.
The article suggests that this trend is not unique to Starkware, and that the majority of coins that have launched at high initial market capitalizations have seen significant price declines since their token generation events. This has led to a situation where retail participants have become more skeptical of crypto, viewing it primarily as a vehicle for speculation rather than a technology to “buy into.”
The author argues that this shift in market dynamics could be a positive development, as it moves the crypto market towards a more rational and efficient state of affairs. However, this also poses challenges for private market investors, who may find it harder to generate outsized returns.
ELI5 
The article is talking about how the crypto market has changed a lot recently. In the past, when new crypto projects launched, the people who got in early (like investors) could make a lot of money by selling their tokens to the public at a higher price. But now, a lot of these new crypto projects are launching at such high prices that there’s not much room for the public to make money. This is making it hard for these projects to build a real community of supporters, since the public doesn’t see much upside.
The article uses the example of a project called Starkware, which launched at a $20 billion valuation. That’s a really high price, and the token has already dropped a lot since then. The author thinks this is happening to a lot of new crypto projects, and it’s making the market more efficient and rational, but also harder for private investors to make big profits.
Writer’s Main Point
The main point the author is trying to make is that the current dynamics in the crypto market, where many new tokens are launching at very high valuations, are making it challenging to build organic communities and sustainable economics around these projects. This shift away from the “private-to-public arbitrage” model could be a positive development for the long-term health of the crypto ecosystem, but it also poses challenges for private market investors.
Relevant Links 
- Parsec.fi - The author’s website for monitoring on-chain data