Regarding $SEA 's current situation

It aligns extremely well with history – the scenario 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 or withhold token distribution (equivalent to pouring "milk" into the river to destroy it) than give token value to the community/retail investors right now.
History hasn't changed, it's just wearing a blockchain outfit.
Once some VCs have grown powerful, they're no longer willing to grow alongside retail investors.
Look at the tokens on the ranking list – how many of them were issued during a bull market?
Therefore, waiting for the market to turn before issuing tokens is definitely a dark future.