《No Projects, Only Tokens》 These past two days, Rave opened with a 4x gain, bringing some relief to the exhausted BSC ecosystem. It seems like Alpha has introduced a new model. Rumor has it that Alpha has increased the margin requirements: you can only get your margin back if the market cap meets the target in 6 months. VC coins can afford the margin. The meme ones are all internal startups or related parties, so they can also afford the margin. This will lead some project teams to give up, while others will have to pump the price. But six months is way too long. It’s enough time for project teams to pump and dump 7-8 times until they question their life choices. By the time they get their margin back, the constraints probably won’t matter much anymore. Alpha projects, whether they’re called memes or VC coins, are essentially the same thing, just with different names. The core lies in token structure, cost structure, the strength of the whales, how much the narrative excites retail investors, and external liquidity. There’s no intrinsic value worth opening the whitepaper for—it’s all zero. Or rather, they’re more like chips in different games, not actual projects. Thinking of tokens as projects is a mental trap. There are no projects, only tokens. And they’re tokens waiting to be sold.