What happened in the blockchain industry:

About VC:

- All VCs with normal rhythm in the last cycle have made money

- These VCs have increased their fund size by 3-10 times in this cycle and raised funds again, resulting in too much money on hand

- However, there are not enough good projects, but the money must be spent, so any project with a little bit of appeal will increase the round of financing to raise the valuation and get money that they don’t need.

- An old project that was dead three years ago can still come out and get a new round of VC financing

- This also greatly increases the VC cost of good projects and the psychological expectations of coin holders

- VCs are not stupid, and project owners are not stupid either. The essence has become a game of cutting LPs. - Other projects cannot issue tokens after investment, and they look at each other in confusion during meetings.

- Finally, a good project has launched a token. Hurry up and focus on PR. You can only unlock and sell the tokens after 6 or 12 months. If you haven’t unlocked it before, you have to find a way to sell the tokens/hedge first

- In short, if VCs don’t make money, LPs suffer the most

About the new project:

- Because mature founders spend the same amount of time on small and big projects, and sell their coins the same way, so they only work on big projects

- Big projects = high valuation = infra

- Infra appears in large numbers, but there is no application/real income on it, so it can only subsidize/inflate the volume

- Where does your own money come from? From VCs, it’s free anyway

- Because we have understood the Playbook for listing and opening the market, and have a clear goal of selling coins, we will open the market with a high valuation, and then sell the least coins to get the most money. Then the market buying will dry up, but we still have to sell coins. It is impossible not to sell coins.

- After the first wave of buying at the opening of a coin ends, it can only fall, and the end time is usually 1-3 days, and it basically cannot last more than three days.

- Then create fluctuations and continue selling coins

- If the market is good, occasionally appear on the gain list, and then continue to sell coins

- In short, the first principle of doing a project is to sell coins; a very small number of projects create value (or rely on cheating) through protocol income

- Some projects that inflate volume and make money are all fake user projects. They are equal to zero when they are launched, and there is no trading volume. For such projects, the market value is meaningless

About old projects:

- Dead projects use the relatively high-quality Captable invested three years ago to raise funds again (in fact, they have no contact with those funds anymore). Most of them use KOL rounds, and a few look for funds to take over.

- In order to be listed on BN, we continue to raise funds and brush up the data, but there are still no real users and no real use cases

- Actually, it is impossible to get on BN, so there are two ways: bribe other exchanges/dex to list the coin

- Listing coins on dex = zero, bribing exchanges = zero (bribe money must be earned back by selling coins)

- In short, this type of project can only be reset to zero, because they are unlikely to do it well.

About the head exchanges:

- The service provided by the exchange to the project party is equal to the pool on the chain

- Adding a pool to a coin is definitely a good thing for the project

- Therefore, the project must pay the exchange, which is understandable and in line with business common sense.

- Exchanges have people they need to please, namely the big players

- Projects that are in the interests of large households need to be implemented, so LRT must be implemented

- Projects that are in line with their own interests need to be listed, so those that have been invested in can be listed, those with users can be listed, new things can be listed, and those that can compete with other exchanges can be listed

- Because liquidity is king, listing on an exchange has become the most important part of doing a project

- Exchanges play an important role in user education and liquidity provision, and should be given an important position and corresponding profits

- Then he will accept your principal silently :)

In summary, doing a project has become creating an illusion. There is no need to make anything. As long as you can sell the coins, it will be fine. Because the essence is to create a mob and then sell the coins.

In this case, there is no difference between VC coins and meme coins

About ETH:

- The big players changed their mindset and switched to POS. Anyway, it is not POW, nor is it a cryptocurrency speculation idea, nor is it a deposit and payment idea, it is just a freeloading idea.

- Large investors do not participate in real construction, which refers to construction that has a direct positive impact on the price of ETH, including but not limited to making memecoins, pulling high-quality memecoins, creating a unique ETH cult culture, etc. In short, they do nothing

- The only two reasons to buy ETH in this cycle are re-staking and ETF, but this has nothing to do with retail investors, so ETH essentially has no good, strong, and immediately clear reasons to buy.

- ETH still has the most developers, the most nodes, and the most ecological projects. It is still the most robust blockchain.

- However, these projects on ETH have ulterior motives and want to sell their own air coins to retail investors so that they can only make money.

- In short, it is not easy for retail investors to make money on ETH.

About SOL:

- Large investors stick together, have a big picture, and understand what retail investors are thinking

- The scale of large investors is 400,000-2mil sols. They spend 1wsol to make a so-called cult memecoin or find someone they know to make a memecoin. It's so easy.

- Group together to promote meme, create a lot of small pools of memecoin, and send them to 100-500mil

- Retail investors are dazzled by so many memecoins and fomo like crazy

- KOLs earn attention and complete wealth transfer by shill, and these coins really increase in value

- KOLs form a gradient and shill range, with top-tier players such as Hsaka and Ansem in one tier, some with 100k followers in one tier, and others in another tier (these are mainly KOCs), shouting out coins in different market value ranges, which are probably 500mil+, 100-500mil, 10-100mil, and lottery players with less than 10mil.

- This increases the vitality of the SOL ecosystem and allows retail investors to support their SOL

- Because retail investors all hold SOL, a SOL maxi army is naturally formed, and the SOL flip ETH sentiment is rampant among retail investors. These people get the pleasure of memecoin and forget the risk of SOL rollback and that the memecoin in their hands is essentially air.

- SOL enters the positive feedback loop stage, the main character shill, retail investors continue to fomo, continue to shill and continue to fomo

- When will it end? I don't know. It will end when everyone dislikes memecoin.

- In short, SOL has become the best casino and the best casino chips in this cycle, and everyone needs SOL

judge:

- The memecoin supercycle is established, 20 memecoins appear in the top 100 market capitalization coins, and a large number of memecoins are between 100-300mil, mainly on SOL.

- Successful memecoin focus CEX appears

- The project will continue to open with a high market value, but the opening valuation will be significantly lowered. The PR draft said that a large number of project parties have rationalized their valuations (some project parties have already done this, and the results are good from the online perspective. They have a big picture and are careful about their reputation)

- VCs can only look to web2 for funding in the next round. They are very jealous of the industry, but it will be painful to report to LPs.

- High-quality real-use case projects that do not raise excessive funds from VCs (or even no funds at all) begin to emerge, using other more decent ways to transfer benefits

- Audit/security companies that truly create value are slowly starting to be valued, and high-quality audits are becoming an important part of the industry: BlockSec, Hexagate, Hypernative

- For non-meme projects, the market will return to favoring projects with real revenue, real monopoly, and real use cases (hopefully they will have innovative ways to link tokens to businesses)

- The next round is the real application cycle

To my readers:

- Buy BTC, put it in a cold wallet, sell some when the old men and women come, buy some when your parents call you an idiot, keep the rest, don't tell anyone

- Find ways to get money from VC/project parties: do projects/provide services for projects

- Find ways to get money from other retail investors: provide services to retail investors

- Do not buy VC coins, especially high-market-cap VC coins (end result: cannot outperform BTC)

- Try to buy 10mil-100mil of SOL memecoin and sell it when it is between 100mil and 500mil

- Not participating in old projects, there are reasons why no coins were issued in the last cycle

- Verify all the information you see and want to know more about it. If you cannot verify it, it is considered false.

- Identify valuable content accounts and give them more interactions (<1% of accounts are still doing this)