Distribution is everything.

Whoever masters the users, masters the discourse power.

Looking at the entire Crypto industry, there are only two types that can truly be called "entry" level present from start to finish.

▌Centralized exchanges - represented by Binance and Coinbase, holding the true distribution hegemony.

▌Stablecoin issuers - represented by Tether and Circle, although not directly facing the C-end, are the underlying pipeline for capital flow.

Other so-called entries are mostly just temporary illusions of traffic.

1/ Telegram: The most entry-like non-entry

With 1 billion users, Telegram is seen as theoretically the most powerful distribution channel. But the outcome is not satisfactory.

From "tap-tap mini games" to becoming real on-chain users, the funnel in between is too steep, and user conversion has not been realized.

2/ The hegemony of CEX is being eroded by on-chain entries

Perp DEX represented by Hyperliquid is directly cutting out the core piece of the CEX cake. Contracts are the profit engine for CEX, and the rise of Perp DEX is the deadliest impact on its business model.

On-chain trading platforms are encroaching on spot trading. The new generation of on-chain social products represented by FOMO is accommodating Meme coins and those long-tail assets that CEX can't even touch. Fortunately, the scale of the encroachment is still not large.

FOMO transmission - https://fomo.family/r/iamyourchaos

3/ CEX will not die, but it is degrading

CEX certainly will not disappear. But it is slowly degrading from being the largest entry point in the Crypto world.

True trading entries, discovery entries, and speculation entries are being gradually divided and eroded by on-chain products.

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