Spent time looking into about 50 VC-backed L1 chains launched this cycle. Interesting pattern emerged: most teams spent considerable time preaching that actual tech innovation is overrated—what truly matters is go-to-market strategy, business development, and distribution muscle. Fair point on paper. Except here's the thing: when you dig into execution, most of these projects ended up delivering on none of those fronts. No solid distribution channels built. BD partnerships? Sparse. Marketing strategy beyond initial hype? Largely absent. It's this weird disconnect between the thesis and reality. They rejected the technology-first narrative, bet everything on execution, then stumbled on the exact execution they claimed would matter. Lesson here cuts both ways: perhaps it's not either/or, but needing to be competent at both.