I wonder if you have ever wondered what the “original sin” is that has caused this wave of corpses all over the chain? The answer is that we all know that it is toxic, but we will still take a sip of it: Pump-style MEMEized asset issuance.
Initially, Pump-style internal and external disk start-up mode, can make a lot of P will be able to rely on wither sit, trial and error, etc. to win a greater probability of investment multiplier, coupled with the existence of market sentiment Fomo amplification effect after running out of the external disk, so that the Pump issue assets once became the mainstream way.
But, into also Pump, defeat also Pump, Pump issue assets way essentially:
(1) is a short-term industrialized assembly line coins, this way of issuing coins hit standardized operation, low threshold access, rapid mass production, which leads to most of the project coins simply do not have a complete project planning, there is no way to talk about technological innovation and product landing, on the main a mass production, breakout, and then again production.
In this way, the coin “project side” has become the absolute upstream of the liquidity harvesting assembly line, while investors in the downstream are reduced to “chips”, and will always be like a headless fly, caught in the strange circle of buying what are losing and doing what are wrong;
2) is the deconstruction of the past “technical narrative”, the last two rounds of the cycle there are some MEME tokens without practical significance, but the mainstream market is still advocating the technical narrative of the idea of de-centralization, from layer1 to pursue the high performance of the TPS war, to layer2 to expand for the purpose of the construction of the Rollup public chain, and then to Modularization, Account Abstraction, Chain Abstraction, Staking, Restaking and other iterations of the technical narrative.
Although in the end, it is too weak in application landing, but these narratives have quite a long market competition involution and digestion cycle, and its own technological innovation, team strength, operation accumulation, etc. will become the value assessment index in the process, at the same time, jerking the airdrops, Grant ecological contribution, project horizontal and vertical cooperation, etc. are sufficient, suitable for the long-termism of the Build’s value preference.
However, after Pump, the nihilism of MEMEization of everything completely changed the industry ecology, market participants no longer believe in the power of technological innovation, and even no longer pursue the concept of long-termism PVE growth, but just a flavor of PVP zero-sum game short-term interests in the predicament, destroying the value system of technological innovation that the cryptocurrency circle relies on to survive.
(3) is the excessive reliance on attention Fomo economy, originally Crypto’s vertical segmentation of the narrative have different communities, each track has a certain layout of funds and users, but when the project explosion, the user’s attention will be seriously torn distraction, and almost everyone to the end of the cognition and decision-making will be abstracted into: When CA, brainless rush.
This will lead to attention hype will become the core grip, and good at concocting the manipulation of the information gap conspiracy group will become the manipulation of the black hand behind the scenes. In the long run, most of the users in the market are forced to lose holder thinking, and have to become a withered sitting P small generals, and bankers fight, eat youthful rice; and the project side from the beginning of the TGE will have to top the huge pressure of the sell-off plate pressure, creating a vicious cycle of TGE that the peak of the situation, woe is me.
How to break the game? To put it simply, there is actually a road: embrace VC institutions to enter the market, do early innovation technology bottom; attract innovation regular army team layout, bring real value creation; linear release chips, lengthen the survival cycle of the project; cultivate the community with long-termism in mind, and so on.
It’s simple to say, but it’s not easy to advance, and the market needs the natural evolution of a long cycle.
As I said in the beginning, Pump is toxic, but most people don’t want to admit that it is toxic, and can’t help but take a sip, because it captures human greed, speculation, and profit-seeking.
