[retcon]

I'm guessing that the VC premium pays for privileges like lock up and preferred terms.

VC buying - aka VC selling to greater fool LPs, with purported guarantees trails a wake of retail that fuels their vig.

I know nothing concrete about crypto n.b. but I think I can recognize the structured avarice. If my precis is all that's happening I'd convict this kind of VC instantly.