It's a cycle, I was in the last wave in 2018. At some point most developers would realise that chain-scaling issues would prevent profit. They either left to go

It's a cycle, I was in the last wave in 2018. At some point most developers would realise that chain-scaling issues would prevent profit. They either left to go work for FAANG, or transitioned to working directly on scaling. There are a multitude of grants and other funding from the Ethereum foundation, Gitcoin, DAOs, etc that facilitate a comfortable life for anyone who wants to work on these things. Nearly all Web3 startups are fully remote, so once the CTO leaves they just sort of collapse of their own accord. CEO is usually a loony.