Mike Dudas highlights that time-based vesting for crypto tokens, especially with large, unaudited supplies distributed to various entities, has "unequivocally failed" and is a key area for industry improvement. This suggests potential risks for investors in projects with such tokenomics, particularly those with significant future unlocks to opaque "pie chart labels" like market makers or foundations. Investors should scrutinize token vesting schedules and distribution transparency when evaluating cryptocurrency projects.