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About $SEA current situation
The history is extremely consistent - the scene where capital would rather destroy milk than give it to the poor is happening again in WEB3.
In a weak market environment, project teams (capital) would rather delay/withhold token distribution (equivalent to destroying the "milk" by pouring it into the river) rather than give token value to the community/retail investors now.
History hasn't changed, just wearing a blockchain costume.
Once some VCs have grown strong, they are no longer willing to grow alongside retail investors.
Look at the tokens on the rankings - how many tokens were issued during bull markets?
So waiting for the market to turn around before issuing tokens is destined to be dark.