I wonder if anyone has thought about what the "original sin" is that has caused this wave of corpses on the blockchain? The answer is the Pump-style MEME asset issuance method, which everyone knows is toxic but still can't resist taking a sip.

Initially, the Pump-style internal and external market activation model allowed many P players to win a higher probability of investment returns through sitting idle and trial and error. Coupled with the market sentiment FOMO amplification effect after entering the external market, the Pump asset issuance method once became mainstream.

However, success and failure both stem from Pump. The essence of the Pump asset issuance method is:

1) It is a short-term industrialized assembly line for issuing tokens. This method emphasizes standardized operations, low entry barriers, and rapid mass production, which leads to most projects issuing tokens without a complete project plan, let alone discussing technological innovation and product implementation. It focuses solely on mass production; if it breaks, it simply produces again.

As this continues, the "project parties" issuing tokens become the absolute upstream of the liquidity harvesting assembly line, while the investors at the downstream are reduced to "chips," forever trapped in a bizarre cycle of losing no matter what they buy or do.

2) It is a deconstruction of the past "technical narrative." In the previous two cycles, there were also some meaningless MEME tokens, but the mainstream market still revered the technical narrative of decentralization. From the high-performance battles of pursuing TPS in layer 1 to the construction of Rollup public chains in layer 2 aimed at expansion, and then to the iterations of modularization, account abstraction, chain abstraction, Staking, Restaking, and so on.

Although in the end, the application landing was too weak, these narratives had a considerable market competition and digestion cycle, and the technological innovation, team strength, operational accumulation, etc., would all become value assessment indicators in the process. Meanwhile, activities like grabbing airdrops, contributing to the Grant ecosystem, and horizontal and vertical project collaborations were sufficient, aligning with the long-termism Build value preference.

However, after the Pump, the nihilism of MEME-ifying everything completely changed the industry ecosystem. Market participants no longer believed in the power of technological innovation, nor did they pursue the long-term PVE growth concept, but instead became trapped in a zero-sum game of short-term interests, destroying the technological innovation value system that the crypto world relied on.

3) It is an excessive reliance on attention FOMO economics. Originally, the vertical narratives of Crypto had different communities, with each track having a certain amount of capital and users. However, when projects experienced explosive growth, users' attention would be severely torn and dispersed, and almost everyone's cognition and decision-making would eventually be abstracted to: When CA, mindlessly rush in.

This leads to attention hype becoming the core focus, while conspiracy groups skilled at manipulating information asymmetry become the behind-the-scenes puppeteers. Over time, most users in the market are forced to lose their holder mentality and become idle P players, engaging in a battle of wits with the market makers, living off their youth; while the project parties face enormous selling pressure from the start of TGE, creating a vicious cycle where TGE becomes the peak. Alas.

How to break the deadlock? To put it simply, there is actually only one way: embrace VC institutions entering the market to support early innovative technologies; attract innovative regular army teams to create real value; linearly release chips to extend the project's survival cycle; cultivate a community with a long-termism mindset, etc.

It sounds simple, but it is not easy to implement; the market requires a long period of natural evolution.

As I mentioned at the beginning, Pump is toxic, but most people are actually unwilling to admit its toxicity and can't help but take a sip because it captures human greed, speculation, and profit-seeking.

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