What Mr. Mai said is correct,
In the crypto space, projects ultimately rely on fundamentals. A casino that just pumps and dumps cannot support the next 10x growth and a new wave of geometric increases in users.
And the fundamentals depend on developers.
Currently, we haven't seen a significant influx of developers, and empowering tokens still faces regulatory red lines in various countries.
The limited number of genuine developers can only play a cat-and-mouse game in the regulatory gray area between China and the U.S., but their numbers are too few, so the quality is also average.
Another fatal issue is the mismatch of rights and responsibilities in crypto projects, which lack regulation. Moreover, until now, regulation has not been able to grow from the bottom up, making it easier for developers to either indulge in luxury or give up halfway when projects still need further development.
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 judgment 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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