@Sakura please summarize this article, thanks uwu.
TLDR 
The article exposes how crypto VCs exploit retail investors by pumping up valuations of unproven projects, leaving average investors with significant downside risk.
Key Points 
- VCs pump billions into unproven crypto projects
- Projects list on exchanges at inflated valuations
- Market makers maintain artificially high market caps
- Retail investors buy in, providing exit liquidity for insiders
- Price then collapses, leaving retail investors with losses
In-depth Summary 
The article discusses a systemic issue in the crypto industry where venture capitalists (VCs) are exploiting retail investors. The author explains how the current VC model is unfair and undermining the long-term viability of the crypto ecosystem.
The article uses Starknet, an Ethereum Layer 2 solution, as a case study. Despite minimal adoption, Starknet achieved an $8 billion valuation in 2022, with its token ($STRK) launching at a $2.8 billion market cap. However, the current market cap is only $800 million, exemplifying the larger issue plaguing the crypto industry.
The author argues that this pattern repeats across numerous projects, where VCs and insiders capture most of the gains, while retail investors face significant downside risk. This creates a market where true price discovery is inhibited, leading to a lack of genuine “altcoin season” and reduced retail participation.
The article suggests that this is due to market makers often having call-option Service Level Agreements (SLAs) that incentivize maintaining artificially high market caps, even when the fundamentals don’t justify the valuation. This creates a facade of success and growth, masking the underlying issues and lack of genuine adoption or utility in many projects.
ELI5 
The article is about how big investors (VCs) are taking advantage of regular people (retail investors) in the crypto market. The VCs pump a lot of money into new crypto projects, even if the projects don’t have many users. Then, the projects are listed on exchanges at very high prices, and the VCs sell their shares to regular people, making a lot of money. But the prices then crash, and the regular people lose their money. This is happening a lot in the crypto industry, and it’s making it hard for real innovation to happen.
Writer’s Main Point
The writer’s main point is that the current VC model in the crypto industry is unfair and is undermining the long-term viability of the ecosystem. They argue that this pattern of VCs and insiders capturing most of the gains, while leaving retail investors with significant downside risk, is unsustainable and needs to be addressed for the crypto market to mature and fulfill its potential.
