Mr. Mai is right,
In the end, the project in the currency circle still has to rely on fundamentals. Casinos that rely on pump to pump alone will not be able to support the next 10 times and a new wave of new users
And the fundamentals have to rely on the developers
A large number of developers have not yet entered the market, and the empowerment of tokens is still a red line for regulatory in various countries
A limited number of real developers can only play cat and mouse games in the middle ground of Chinese and American regulation, but the number is too small, so the quality is mediocre
Another fatal problem is that the rights and responsibilities of the project in the cryptocurrency circle do not match, there is a lack of supervision, and until now the regulation has not been able to grow from the bottom up, it is easier for developers to either yacht or give up halfway when the project needs to continue to develop.
I have always felt that the dilemma of altcoins is not a liquidity problem, but that there are indeed few people who still believe in the "story" of leeks that can survive until now, even if the control rate is 99%, the fundamentals are not good, spend money to engage in mindshare, how to shout up by mouth, how to come down, and the buying orders brought by publicity may not be enough to cover the cost. But looking at Aave and Hyperliquid, these two hard ones are like they are still in a copycat bull market. This is quite similar to the US stock market, no matter how abundant the liquidity of the large market is, it will rarely flow to small and mid-cap stocks.
In the last round of VCs, they first looked at the project party's TO exchange ability, but even if they were lucky in this round, these projects really did not have the ability to hold the price.
It's good, whether it's a first-level VC or a second-level leek, they all have to return to the judgement of fundamentals in the end, and three things are indispensable:
1. Whether the product or service creates value for users
2. Whether there is revenue generation and growth
3. Whether the token can capture these revenue generation
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