Author | Jocy@IOSGVC

Self-regulation is needed in the unregulated era, to ensure a continuous flow of fresh resources.

The Binance life and the OKEx life flood Twitter, with countless wealth creation myths igniting the passion of community users, and the industry has entered a fast-money mode.

Behind Alpha's success, out of 326 launched projects, less than 10%—only 32 projects—have gone live on spot. This means that this year, 90% of the projects that launched on Alpha ultimately turned into platform fuel. In an unregulated industry, exchanges hold significant power and dominance, and the failure of projects seems to have no necessary connection to the exchanges. However, in an industry lacking regulation, if platforms cannot self-regulate better, it is akin to administering a strong drug to the entire industry. The success and collapse of liquidity can happen in an instant, with wealth creation myths flashing quickly and then falling just as fast.

Hyperliquid has achieved great success by leveraging the concept of on-chain Binance, while Aster has gained a share of the Perpdex market by recreating trading volume. It seems the entire industry is moving towards decentralization and a more promising direction. However, in reality, futures and derivatives have always been the most profitable tools for exchanges in this industry. Countless exchanges have employed various methods to get their users to start using their Perp products. Yet, futures and derivatives are essentially a zero-sum game, where retail investors can amplify their gains and losses with leverage ranging from dozens to hundreds of times. Therefore, the aggressive subsidies from Hyperliquid and Aster have led users who previously never engaged in derivatives and futures to start trading futures. With the lure of airdrop rewards, many who have never engaged in leveraged trading are entering the market en masse. Even if the final user conversion rate is only 10%, these users may very well develop a gambling addiction to futures trading over the next six months. PerpDex is particularly good, but excessive incentives and interventions to turn more people into futures gamblers lose sight of the original intention and may easily backfire in the future.

What values should be prioritized in the competition and game between exchanges in the crypto industry? Many exchanges control the flow of funds and platform traffic, so launching meme wealth creation myths can better secure a leading position, attracting countless people to chase after it. Competition is bound to be brutal, but in an unregulated industry, should leading players seriously reconsider what kind of horse racing mechanism to establish for the industry and what direction to lead the retail investment wave? As crypto practitioners, we have witnessed the rise and fall of bubbles over past cycles, as well as the maturation of DeFi/stablecoins/infrastructure. If leading players can find ways to focus on long-term value tracks and do more difficult yet correct and sustainable things, years later, countless industry practitioners will regard them as driving forces and memorable figures.

During Trump's cycle, the crypto industry enjoyed numerous favorable conditions and unlimited regulatory leniency. However, such an unregulated era demands a greater sense of industry responsibility from top entrepreneurs, helping the industry achieve more breakthroughs in this cycle and attracting more powerful entrepreneurs to join, leading to the emergence of numerous companies comparable to ByteDance and Pinduoduo in the crypto industry.

I call for exchanges to exercise more restraint in internal project innovation and liquidity flow competition, and to ask themselves one more question: What value will the things being done today have in three to five years in the industry? The best entrepreneurs often look beyond the present; they work together to create a broader future for the crypto industry.

Tips: Of course, it is difficult for many to refuse such lucrative opportunities that come rushing in, and countless rapid wealth creation myths make everyone yearn for them. However, please remember the three principles of investing: preserve your life, participate as little as possible in the countless opportunities to minimize losses, and place big bets to earn big money in your area of expertise or strengths.

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