Mentioned as a 'biggest loss' for Dragonfly, highlighting risks in the 'crushed' interoperability space and complexities from its dev team's acquisition by Circle.

The hosts expressed a strongly bearish sentiment, stating that Axelar token holders 'just got blind, robbed right in front of their faces,' reflecting a very negative perception of the token's performance.

The core development team was acquired by Circle, leaving the AXL token and network as an 'orphaned' asset. This is a major red flag as token holders received no benefit from the acquisition and the token fell 15%.

Highlighted as a negative case study after the development team/IP was acquired by Circle without the token, causing a 45% price drop and showcasing the risk of misalignment between a company and its token holders.

The token's long-term value is questioned as Circle acquired the project's team and IP but explicitly showed no interest in the AXL token, highlighting a growing divide between equity and token value.

The core development team was 'acquihired' by Circle, but the deal explicitly excluded the AXL token, leaving token holders with 'absolutely nothing' from the acquisition and causing the token price to dump. This highlights severe structural risk.

Cited as a strong cautionary tale where the company was acquired but token holders received no benefit, highlighting a key risk for projects with similar structures.

Cited as a prime example of the 'two-asset model' risk, where the team was acqui-hired by Circle, leaving token holders with an asset that no longer had a team or product behind it, which was described as a 'rug'.

The DevCo behind Axelar was acqui-hired by Circle, but the AXL token was not part of the deal and its price dropped ~15%, highlighting the risk of divergence between DevCo equity holders and token holders.

Used as a key example of a flawed 'token plus equity' model where token holders were 'left in the dust' after the company was acquired by Circle. The insight is a strong warning about the risks of holding tokens that have no claim on company revenue or equity.