If you've been following the buzz around Solana and its ecosystem, you've probably heard the term ICM thrown around. Short for Internet Capital Markets, ICM represents this ambitious idea of tokenizing startups and bringing traditional businesses onchain, making it easier for retail investors to get in on the action. It's like turning the internet into a massive, decentralized stock market where anyone can buy into emerging companies. But according to a recent thread from Miya Hedge, a key figure at StreetFDN, the whole thing is turning into a "spectacular failure" right now—at least on Solana.

Miya kicks off the discussion by calling ICM "theatre" that's unlikely to regain traction until 2027 or 2028. By then, it might even rebrand under a new name, with many of today's players washed out. The advice? Steer clear of labeling yourself as an ICM launchpad or a tokenizing company, or you'll get dragged down with the mess. This isn't just hot air; it's rooted in the harsh realities of Solana's culture.

One big issue Miya points out is how Solana's environment makes it tough for startups to tokenize without founders facing constant harassment from impatient, uninformed retail investors. Tokenization means converting company equity or assets into digital tokens that trade freely on the blockchain. It's supposed to democratize funding, but on Solana, it often turns into a nightmare. Founders get bombarded with demands for quick pumps, and if the token price dips, the backlash can be brutal. Miya's optimistic that this will shift once the market hits lower lows and shakes out the momentum traders—those folks chasing short-term gains without understanding the long game.

But why rush to drag your entire cap table (that's the list of who owns what in a company) onchain anyway? Miya argues there's "literally none" reason, unless you're a struggling startup desperate for funds. For solid companies, pivoting to a fully onchain model just invites unnecessary drama. And honestly, do most ICM founders who've tokenized have glowing stories to share? Miya's answer is a resounding no. The current vibe on Solana isn't founder-friendly, which sends a clear signal to other entrepreneurs: stay away for now.

This ties into a bigger point about the crypto market's evolution. Miya compares it to a decade-long poker game where the winners are those who make blockchain "irrelevant" in the sense that it fades into the background, powering things seamlessly without the hype. Right now, people are jamming in early bets with weak hands—like pocket 3s under the gun in poker terms—creating noise instead of value.

In a follow-up post, Miya teases that StreetFDN's go-to-market strategy for bridging web2 companies to crypto is different from the norm. And surprise: their first web2 startup launches probably won't even happen on Solana unless things improve. That's a bold stance, considering Solana's dominance in fast, cheap transactions that make it ideal for memes and quick trades.

The thread sparked reactions, with folks like Captain_AL_80 agreeing but noting exceptions like Kled and Dupe—two ICM projects that have bucked the trend. Dupe, for instance, is an e-commerce tool for finding cheaper product alternatives, and its token has seen solid traction. Others, like exos_sol, think MetaDAO is holding up okay, but admit most attempts flop due to mismatched timelines with Solana's fast-paced crowd.

From a meme token perspective, ICM blurs the lines. Some ICM plays, like the $ICM token itself, started as memes capturing the meta but evolved into something more structured. It's this hybrid of fun and finance that's exciting, yet risky. As Meme Insider, we're all about tracking these shifts because today's failed narrative could spawn tomorrow's viral meme coin. If ICM cools off, watch for rebrands or spin-offs that poke fun at the drama—that's where the real gems often hide.

Miya's thread is a wake-up call: focus on building real value over hype. If you're a founder eyeing tokenization, maybe pump the brakes until the ecosystem matures. For traders, it means hunting for those rare ICM wins that survive the wolves. Check out the full thread here and let us know your take— is ICM doomed on Solana, or just in a rough patch?