Changes in the cryptocurrency industry over the past 9 years If we look at the timeline, the true starting point of this industry was the ICO era in 2017. That wave was essentially the first large-scale 'information gap dividend'. By writing a white paper and presenting a vision, the project team can secure financing. Whoever can get the chips earlier will make money. The logic is very rough, but extremely effective. At that time, you didn't need to know how to trade or understand technology. As long as you had channels, resources, and were able to enter the primary market, it was basically a win-win situation. In the following years, we actually kept repeating the same model: The project team creates expectations, private equity offers low prices, and distributes them layer by layer to the market. The essence is four words: secondary distribution. The real turning point was after the emergence of Uniswap. Many people think it's just the addition of a decentralized exchange, but what it really changes is one thing: We have completely delegated the power to issue coins. Previously, issuing coins was a game for a few people, but now it has almost zero threshold. The result is an infinite increase in supply, small teams 关键意见领袖 Community, anyone can send a coin. You will notice a noticeable change: Previously, it was a minority who cut off the majority Now everyone is cutting each other apart The funds did not increase, but there were infinitely more projects, so they began to be crazily diverted. The second change is that the information gap is disappearing. The chain is becoming increasingly transparent, and we can basically see how much liquidity there is in the pool, who is buying, who is selling, and what big players are doing. Previously, relying on information asymmetry, we could slowly ship and tell stories. The pace is now compressed very short, and many projects may only take a few days from start to finish. The third change is the rise of memes. It compresses the narrative to the extreme, with one image, one meme, and one wave of emotion, it can complete a round of consensus. This is actually an "evolution" of the market, but also an "accelerated consumption". Consensus comes faster and goes faster. So many people feel that trading has become increasingly difficult in recent years. It's not an illusion, it's because the market structure has changed. Previously, you faced information asymmetry, but now you are facing market making strategies, robots, and smart money on the chain. Ordinary people entering are essentially playing against a whole system. The logic of sudden wealth has also completely changed. Previously, I used to take low-priced chips and wait for their release Now it's a race to beat the pace, grab the mood, fast in and out From 'dividing the cake' to 'grabbing chairs'. When the music stops, those who haven't run away are the cost. But there is one thing that has never changed in this industry: It is always in a positive cycle. If someone gets rich suddenly, there will be people entering the market; When someone enters, it will provide liquidity; When liquidity comes in, there will continue to be people telling stories. But now, the vast majority of ordinary people find it difficult to participate in the first layer of profit distribution. So in the end, you will find that the people who truly make long-term money are often not the ones who are the best at trading, but the ones who control traffic and channels. To put it simply, it's still 'cheating', just upgraded: From selling coins to selling information, trust, and influence. Summarizing these 9 years, it is actually a very clear path: The information gap dividend from 2017 Freedom to issue coins after Uniswap From the current traffic driven and emotional game If you continue to use past logic for the current market, the problem is not the market trend, but that you are still stuck in the previous cycle.