I wonder if you have ever thought about what is the "original sin" that caused this wave of corpses on the chain? The answer is that everyone knows it is poisonous, but they still take a sip: the pump-style MEME asset issuance method.
Initially, the Pump-style internal and external disk launch mode allowed many young P players to win a higher probability of investment multipliers by sitting still, trial and error, etc., and the Fomo amplification effect of market sentiment after the external disk was released made the Pump asset issuance method once become the mainstream.
However, the success or failure of Pump is due to Pump. The essence of Pump’s asset issuance method is:
1) It is the short-term industrial assembly line coin issuance. This coin issuance method focuses on standardized operations, low-threshold entry, and rapid mass production. As a result, most coin issuance projects do not have complete project planning, let alone technological innovation and product implementation. They just focus on mass production, and if the price drops, they will start production again.
If this continues, the "project party" that issues the currency will become the absolute upstream of the liquidity harvesting pipeline, while the downstream investors will become "chips", and will always be like a headless fly, trapped in a vicious circle where everything they buy loses money and everything they do is wrong;
2) It is a deconstruction of the past "technological narrative". There were some MEME tokens without practical significance in the last two cycles, but the mainstream market is still advocating the technical narrative of decentralization, from the layer 1 pursuit of high-performance TPS war, to the layer 2 Rollup public chain construction for the purpose of expansion, to modularization, account abstraction, chain abstraction, Staking, Restaking and other technical narrative iterations.
Although in the end they are too weak in application landing, these narratives have a fairly long market competition internal circulation and digestion cycle, and their own technological innovation, team strength, operational accumulation, etc. will become value evaluation indicators in the process. At the same time, airdrops, Grant ecological contributions, horizontal and vertical project cooperation, etc. are sufficient and suitable for the value preference of long-termism Build.
However, after the Pump, the nihilism of MEME-izing everything completely changed the industry ecology. Market participants no longer believed in the power of technological innovation, and even no longer pursued the long-term PVE growth concept. Instead, they just blindly engaged in the short-term interest dilemma of the zero-sum game of PVP, destroying the technological innovation value system on which the currency circle relied.
3) Over-reliance on the Fomo economy of attention. Originally, each vertical segmentation narrative of Crypto had different communities, and each track had a certain layout of funds and users. However, when the project exploded, the user's attention would be severely torn and dispersed, and almost everyone's final cognition and decision would be abstracted into: When CA, rush in without thinking.
This will lead to attention speculation becoming the core gripper, and conspiracy groups that are good at fabricating and manipulating information asymmetry will become the manipulators behind the scenes. In the long run, most users in the market are forced to lose their holder mentality and become idle P players, fighting wits and courage with the dealers and eating the rice of youth; and the project side has to bear huge selling pressure from the beginning of TGE, creating a vicious cycle of TGE being the peak. Alas.
How to break the deadlock? To put it simply, there is only one way: embrace VC institutions to enter the market and provide support for early innovative technologies; attract regular innovative teams to create real value; release chips linearly to extend the life cycle of projects; cultivate a community with a long-term perspective, etc.
It sounds simple, but it is not easy to implement. The market needs a long period of natural evolution.
Like I said at the beginning, Pump is poisonous, but most people are actually unwilling to admit that it is poisonous, and they can't help but take a sip because it captures the greed, speculation, and profit-seeking of human nature.
