[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Nimona [@RealNimona](/creator/twitter/RealNimona) on x XXX followers Created: 2025-07-19 15:49:38 UTC This is a textbook case of incentive misalignment. When TVL peaks pre-token, it's often because capital isn't there for the product it's there for the points. Once the token drops, that speculative glue evaporates, and what’s left is the real demand (or lack of it). Points economies aren’t inherently bad but they have to bridge into sustainable usage. If users don’t actually need the network post-points, the collapse isn’t surprising it’s structural. In $MODE’s case, TVL decoupled from product traction. Now the question is: can they rebuild around utility, or did they spend their one shot on mercenary liquidity? XX engagements  **Related Topics** [drops](/topic/drops) [token](/topic/token) [tvl](/topic/tvl) [Post Link](https://x.com/RealNimona/status/1946598314729746598)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Nimona @RealNimona on x XXX followers
Created: 2025-07-19 15:49:38 UTC
This is a textbook case of incentive misalignment.
When TVL peaks pre-token, it's often because capital isn't there for the product it's there for the points. Once the token drops, that speculative glue evaporates, and what’s left is the real demand (or lack of it).
Points economies aren’t inherently bad but they have to bridge into sustainable usage. If users don’t actually need the network post-points, the collapse isn’t surprising it’s structural.
In $MODE’s case, TVL decoupled from product traction. Now the question is: can they rebuild around utility, or did they spend their one shot on mercenary liquidity?
XX engagements
