And so the enshittification begins for Tangled.

As soon as you take money from VCs and Angels, the implication now is an exit and a duty to deliver investor updates to keep them up to date on their ROI on their investment.

Shame.

All the important data sits on PDSes or in local git repos.

https://ufos.microcosm.blue/collection/?nsid=sh.tangled.repo

It's not like GitHub where all the important stuff is locked up on GitHub. Everything here is readable and portable.

Even worse.

So how is Tangled investable at all to deliver a 10x return to the investors that funded it?

I don't have the background to make sense of it easily, but the lead for the round publishes its term sheet details: https://www.byfounders.vc/insights/term-sheet-guide

There might be some insight in there as to why they invested knowing lock-in wasn't on the table.

So no monetization strategy that doesn't warrant 10x returns?

10x returns is a meme. It's not a global standard.

Not a meme, but since there is no monetization strategy it is less likely going to be a 10x exit.