This round, project teams are complaining that "the retail investors are too smart," all have weak hands, and it's too difficult to establish consensus, and pumping the price is useless. But looking at hype, pump, aave, it's not that consensus is hard to establish, it's just that this round, everyone is no longer establishing consensus on air. If your product creates user value, can generate cash flow, and cash flow can be linked to coin prices, the market will still fomo you, hype is already 60 billion, almost comparable to Robinhood in the US stock market. If you launch a useless product or create a meme, no matter how loudly you get KOLs to shout HODL, retail investors will still pour cold water on you. Let everyone establish consensus on air, the only consensus that can be established is that this is air, and if it rises a bit, it should be sold. In short, it's just that you can't find PMF.

幣圈的資產發行在未來只會越來越兩極化，一切中間態的資產都會無路可走。 一邊，有PMF和現金流的優質資產會越來越像股票，有回購有分紅，機構們認業務邏輯，通過幣股去美股吸更大池子裡的流動性。 核心是產品、現金流、增長、給機構們講故事的能力。比如Sol、Eth、Hype、Aave、Pump、Jup、Uni、Ena、Axiom... 而另一邊，毫不掩飾自己是空氣幣的資產，通過高波動去收割合約賭狗。 核心是上所渠道、控籌、資金量、做市、吸引對手盤的能力。比如Myx、M、Banana... 又到十字路口了，所有人都要做選擇，散戶、交易所、項目方、做市商、KOL。

幣圈的資產發行在未來只會越來越兩極化，一切中間態的資產都會無路可走。 一邊，有PMF和現金流的優質資產會越來越像股票，有回購有分紅，機構們認業務邏輯，通過幣股去美股吸更大池子裡的流動性。核心是產品、現金流、增長、給機構們講故事的能力。比如Sol、Eth、Hype、Aave、Pump、Jup、Uni、Ena、Axiom... 而另一邊，毫不掩飾自己是空氣幣的資產，通過高波動去收割合約賭狗。核心是上所渠道、控籌、資金量、做市能力、吸引散戶對手盤的能力。比如Myx、M、Banana... 又到十字路口了，所有人都要做選擇，散戶、交易所、項目方、做市商、KOL。