Compared with the previous bull market, the situation this time is a little different. Institutions, crypto giants, crypto exchage, retail investors and project owners often play a wonderful game of "three generations of mining".
Recently, many well-known projects have started to do large-scale airdrops, but the market response has not been unanimous, and controversy has always existed. Take ZKsync, Layerzero and Taiko as examples, their airdrop rules have caused great controversy.
Taiko chose not to publish the airdrop rules, which led to a lot of criticism in the market, and the project had to come out to explain. Taiko's co-founder and CEO Daniel Wang replied on Discord that the rules are not transparent because transparency cannot resolve differences. Everyone's definition of "fairness" is very subjective, and we cannot unify and do not try to reach a consensus.
As the last ZK-based leader to issue tokens among the four major Layer 2 chains, ZKsync is highly anticipated, but also subject to great controversy. An investor said, "The overall witch rate is very high, after all, there are less than 700,000 addresses left. The winning rate of a single address is about 15%, and all are small prizes, plus the price is low, so it's not interesting." In addition, from the data, although ZKsync bridges a lot of assets, the TVL is still relatively small.
Layerzero's "rumored report" has aroused widespread discussion in the market, and the chaos of airdrops has been exposed. According to LayerZero's CEO Bryan Pellegrino, more than 3,000 reports of witches and 30,000 complaints were received within a few hours of the start of the bounty campaign. Under the mutual exposure system, chaos has also begun to emerge. Some employees of the LuMao studio chose to resign and report internal accounts, the address of a large airdrop holder of a certain project was reported, and there were also users who targeted large holders/LuMao KOLs to report witch clusters, etc. There was even a rumor in the market that a security agency submitted 470,000 suspected witch addresses to Layerzero at one time.
Everyone feels that the entire market seems to have stopped rising. BTC has been fluctuating between $60,000 and $70,000 for three consecutive months. AltCoins were a bit impulsive in the early stage, but now they have no stamina and are all falling. Newly listed currencies can't hold up either, and they fall as soon as they come up. The entire market is like a pot of warm water, neither cold nor hot.
For many people, the term "lukewarm" may be a bit too bland. Because recently many people have been cursing it. Cursing those short sellers who were ripped off; cursing Binance for listing too many coins, causing the market to lose liquidity; cursing KOLs for causing heavy losses due to their chaotic lead.
For these people, the market feels like the bull market is over and has entered a bear market, and everything is still tepid. People who think this way are all here to make money. The bull market is here, money is everywhere, and every project should be able to rise and make money. This is the only gamble in life. After making money, you will be financially free. You are here to make money. You are full of confidence, and you take out most of your assets, even leverage, and take on debts and rush in.
The market has already put its scythe in place, with various tricks constantly being played out and new concepts emerging one after another, targeting us leeks. Want a new narrative? It's not that simple: Bitcoin's second layer, AI, DePin, ReStaking, or if it doesn't work, just Meme, all under the banner of fair launch, anti-VC, and so on, have all made their debut.
The most important thing is KOL, that is, market promotion, community shill, and exchange listing. What technology, what innovation, what business model, what user scenario, these are not important, what matters is the game, everyone knows clearly that they are all here to make money, and the competition is to run fast. Believe that the project party will definitely pull the market, believe that there will be early dividends, and believe that the bull market will not lose. So you set up a cat studio, listen to the KOL's rhythm, enter various communities, and look for various on-chain meme. You don't want to make 3 times or 5 times, but a hundred times overnight.
So why is there no money being made?
Do you think it is possible for everyone to make money? Yes, if the whole market is rising sharply, everyone's account numbers will soar and everyone will be happy, even if most of the money cannot be withdrawn immediately. But here comes the problem, the whole market is not rising. So if you want to make money, someone must lose money. This logic is simple, right?
So why do you make money while others lose money? Do the project owners want to make money? Do the exchanges want to make money? Do the KOLs want to make money? Do the VCs want to make money? They all want to make money, but whose money do they make? Of course, we the leeks. In fact, others are professional teams, they understand the market better and have more tricks.
So is there still a chance?
Web3 is a development trend, blockchain is a technological revolution, and its application scope is getting wider and wider. Digital currency is gradually being accepted by the mainstream market, as evidenced by the approval of BTC and ETH spot ETFs. This direction is right. It is an emerging market full of opportunities, but wherever there are a lot of opportunities, there is a lot of speculation, and it is easy to step on mines. If you want to follow the market and reap the dividends of development, you still need to open your eyes and keep a calm mind.
