This chapter delves into Axie's influence on the 2021 cycle, setting price performance standards in web three gaming that attracted VC interest. The discussion covers challenges faced by VCs, the rise and fall of daily active users in Axie, stable coins like Maker, and the dynamics of generalized Layer 1 blockchains. It also explores the difficulties in developing alternative crypto ecosystems, the concept of meme coins, and the emergence of innovative projects in the crypto space.

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