Solstice Fi's ICO performance often gets blamed on valuation, market timing, or tokenomics design—but that's only half the story.

Look at projects like ZKpass that still found strong buyers despite similar headwinds. The real issue? Overexposure among core users.

When your most active community members are already maxed out on exposure, you've hit a structural ceiling. No amount of tweaking incentives fixes that fundamental problem. The audience simply can't absorb more tokens.