In the wild world of crypto, where fortunes can flip overnight, one big question keeps popping up: why do some founders stick around after they've made bank, while others vanish like a bad trade? A recent thread from @0xngmi, the mind behind the transparent DeFi dashboard at DeFi Llama, dives into this, challenging the idea that it's all about a founder's innate personality. Instead, it's more about the journey they've been on—something called path dependence.

Let's break it down. Path dependence is a concept from economics and social sciences where the choices you make today are heavily influenced by what happened before. In crypto terms, think of it like a blockchain: each block builds on the last, and changing course gets harder the further you go.

The thread quotes a post from @0x1_0NE, who calls out a "huge issue with morality" in the industry. They point out that many founders are loaded but bail as soon as their vesting periods end—especially on hyped-up projects like so-called "Ethereum killers" pumped by VCs. Vesting, for the uninitiated, is when tokens or shares are locked up and released over time to keep founders invested. The argument? These folks weren't in it to change the world; they were chasing an exit to please shareholders.

@0xngmi pushes back, saying it's not just about being "built different." Sure, some like Ethereum's Vitalik Buterin keep grinding because they're mission-driven. But for most, it's the path that matters. If you've poured months into a hobby project and hit a snag, you're more likely to quit early. Stretch that to years, and you're hooked—sunk cost fallacy or genuine passion, it's hard to walk away.

This rings especially true in blockchain. Building a project when everything's mooning is a breeze, but when the bear market hits and morale tanks? That's the real test. If quitting means leaving with nothing after years of sweat, you'll fight harder. But if there's liquidity—easy access to cash out your tokens—you might bounce, even if you're the same person who'd otherwise build an empire.

It's a reminder for anyone eyeing meme tokens or DeFi plays. Many meme coin founders launch with hype, grab liquidity, and ghost, leaving holders rekt. Path dependence explains why: short timelines and quick exits make it easy to dip. Contrast that with long-haul projects like Bitcoin or Ethereum, where creators have skin in the game for decades.

So, next time you're scouting a project, look beyond the whitepaper. Check the founder's history—how long have they been building? What's their vesting look like? It could clue you in on whether they're here for the long game or just the pump.

For the full thread, check it out here. Insights like these help us navigate the crypto chaos and spot the real builders amid the noise.