The new normal of "reducing expectations": Survival rules and value reconstruction of crypto markets

Next, the market will enter the big Cycle that "reduces expectations":

1. The project leader Builder lowered expectations, and from a luxury entrepreneurial group with a financing of tens of millions and a valuation of hundreds of millions, it is not too small to raise 100,000 yuan. Xiaomi and rifles have a combat mentality, and being able to "survive" is the first priority;

2. VC investors lower their expectations. The high Valuation model that was originally followed by big VC Fomo is no longer effective. VCs who can survive will inevitably return to looking for small and beautiful innovative technology teams or Ponzi who can make trouble. Small investments, multiple targets, and quick exit will become the mainstream. What, accumulating a situation? ? It must also be enough to be at the threshold of accumulating the game;

3. Holding the currency holder reduces expectations. Before, he adhered to "technical narrative + long-termism" and always wanted to follow the past empiricism to make a big deal (10-100 times). In the future, retail investors had to strengthen their "Trader" skills. Under the premise of some basic investment and research learning ability, appropriately increase the trading frequency and give up the illusion of a hundred times and a thousand times. 3-5 times is already hell difficulty (except pure PVP lottery logic). After all, everyone has learned a profound lesson in how cruel the situation of this Holder is;

4. Airdrops are expected to drop. When everyone is focusing on the focus of attention, the potential space for airdrops will narrow down. After all, in the context of the studio's industrial assembly line being extremely mature. Therefore, it is highly likely that "silent masturbation" will become the norm, and the investment in masturbation with tens of thousands of numbers will become history. The main focus is on one who can masturbate zero masturbate and never make heavy bets, can enjoy private opportunities, and will never share food with others;

5. Market narrative declined expectations. In the past, the Crypto market always pursued the "narrative resonance" effect. From DeFi, NFT, GameFi, to Restaking, BTCFi, chain abstraction, and AI Agent, every round of narrative wants to stage the glory of the former DeFi Summer, but the facts have proved that the expected evolution of narrative has become weaker and weaker, and it is difficult for the market to support a huge market bubble with a single technological narrative, or the micro-narrative that blooms in many points will become the norm;

6. Chain infra construction reduces expectations. Crypto has been relying on continuously stacking infra narratives to expand expectations, from high-performance layer1 to Rollllup layer2, and various chain architecture models that take differentiated technology routes. It turns out that the era of pure technology is king is over, and the market will only turn to "attention is king" in the future. Infra, which has only technology, no community stickiness and continuous precipitation and circulation of funds, will lose the market;

7. CEX wealth effect has decreased expectations. For a long time, CEX has become the focus of public opinion and topics because it masters most liquidity. The so-called "CEX currency listing effect" and "DEX PVP free market" have become the A-B side of market attention pursuit, but the result of relying too much on CEX to create the wealth effect must be that the currency listing effect is getting weaker and weaker. In the final analysis, the wealth effect should be determined by the long-term build cycle of the project and the cost of boarding.