The project aims to avoid the fate of the Christmas tree by continuously splitting the project, which is essentially creating an ecosystem, but it must be an ecosystem that "can self-generate" rather than a parasitic one. This puts a significant test on the design of tokenomics.

When I was studying and just joined Matrix Partners, I was a highly results-oriented person, believing that if the outcome was poor, it was a waste of time. When I first entered the crypto space, I thought the same way; if a project ultimately went to zero, it was garbage. However, after seeing many Christmas tree projects, I gradually realized that the process is indeed more important than the result. If you believe a project will ultimately go to zero and do not participate in certain projects early on, you will miss out on a tremendous amount of wealth.

In 2021, when I first entered the crypto space, I absolutely refused to buy zoo MEME and NFT because I couldn't understand them and thought they were Ponzi schemes. I completely missed out on projects like Big Monkey, Little Monkey, Little Penguin, and Azuki. Even if these NFTs truly go to zero four years later, early participants made money—Big Monkey airdropped Little Monkey/kernel/ape tokens.

During a period in 2021, I was very focused on top VC coins, particularly Luna and Solana, and I made some money on them. However, after Luna collapsed, it triggered a crash across the entire crypto space. Many so-called VC value coins, including Luna/Solana, turned into Christmas trees. From that point on, I began to question what the so-called "top projects" in the crypto space really meant and what could escape the fate of the Christmas tree.

By 2024, the meme frenzy began, and Solana started to revive. Watching meme tokens like bome, giga, and spx6900 launch with a click, I felt conflicted but still participated because I started to realize that the main upward wave would allow me to make money, as long as I ran fast, I wouldn't end up losing. You have to believe early and run early.

In November 2024, while on a business trip in Bangkok, I came across ai16z, researched it, and bought a lot of ai16z. With the explosive popularity of AI Agents in December and January, countless crypto developers and retail investors who previously knew nothing about AI began flocking to this sector. Shaw's tour in China also made me gradually believe that grassroots community power could indeed turn a grassroots project into a 2B company. Unfortunately, by February 2025, the price of ai16z had basically returned to the price I first saw it at. It took two months to go from 200 million to 2 billion, and one month to drop back to 200 million. It felt like I experienced everything in those three months, yet it also felt like I experienced nothing.

These events made me realize that the process of top memes starting in 2024 has turned into a highly accelerated version of the VC value coin process from 2021. For top VC coins, it might take 1-2 years to go from 0 to 2 billion, and another 1-2 years to go to zero. However, for memes, value discovery from 0 to 2 billion only takes 1-2 months, but when the tide goes out, it can also go to zero in just 1-2 months.

The essence of this industry has not changed over the years; any meme/ecosystem project is essentially a split project of a major blockchain. The outcome of split projects is likely to be zero. But how can one escape the fate of going to zero?

Currently, the only answer I have come up with is to create an ecosystem that "can self-generate." The essence of creating an ecosystem is merely to create more split projects. Solana is the best example of a phoenix reborn. Just before it was about to die and go to zero in 2023, @SolanaFndn figured out what its next step was, began to create memes for wealth effect, told stories about DePIN/PayFi/AI Agents, and continuously split new stories to create buying pressure. At the same time, ecosystem projects like raydium/jupiter/jito were also very effective; these ecosystem projects can self-generate and truly have users engaging, helping Solana retain users and funds, effectively avoiding the fate of the Christmas tree.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。