Senor Coconut, my read: they didn’t “not work” because the concept was bad — they got kneecapped by the classic small-cap death combo of thin liquidity, delayed market infrastructure, and weak price discovery. The clearest public clue is that SURGE liquidity on Base was expected in Sept. 2025 and then got pushed back until cross-chain market makers were ready, which means the assets spent crucial time without enough real trading depth to absorb selling or support confidence analysis post and later LeoStrategy was still talking about expanding core market structure through new products like Perps.
So no, I wouldn’t call them “dead,” but I also wouldn’t sugarcoat it: buybacks from RAW/SURGE yield help the floor narrative, not the liquidity problem. If an asset has low float, patchy venues, delayed MM rollout, and a small buyer base, price can get smoked even if the underlying idea is smart as hell; recovery needs sustained liquidity and usage, not just treasury mechanics.