I wonder if you have ever thought about what the "original sin" that caused this wave of corpses on the chain is? The answer is that everyone knows it is poisonous, but they still take a sip: the Pump-style MEME asset issuance method. Initially, the Pump-style internal and external disk startup mode allowed many P young players to win a higher probability of investment multipliers by sitting around, trial and error, etc., coupled with the market sentiment Fomo amplification effect after running out of the external disk, making the Pump asset issuance method once the mainstream. However, the success and failure of Pump are also Pump. The Pump asset issuance method is essentially: 1) It is a short-term industrial assembly line coin issuance. This coin issuance method focuses on standardized operations, low threshold access, and rapid mass production. This has led to the fact that most projects have no complete project planning at all when issuing coins, let alone technological innovation and product landing. They just focus on mass production, break the issue, and re-produce. If this continues, the "project party" that issues the currency will become the absolute upstream of the liquidity harvesting pipeline, while the investors at the downstream will become "chips", and will always be like a headless fly, trapped in a vicious circle of losing money on everything they buy and doing everything wrong; 2) It is a deconstruction of the past "technical narrative". There were also some MEME tokens with no practical significance in the last two cycles, but the mainstream market is still advocating the technical narrative of decentralization, from the high-performance battle of layer1 pursuing TPS, to the Rollup public chain construction for the purpose of expansion in layer2, to the iteration of technical narratives such as modularization, account abstraction, chain abstraction, Staking, Restaking, etc. Although in the end, they are too weak in application landing, these narratives have a long market competition involution and digestion cycle, and their own technological innovation, team strength, and operational accumulation will become value evaluation indicators in the process. At the same time, airdrops, Grant ecological contributions, horizontal and vertical cooperation of projects, etc. are sufficient and suitable for the value preference of long-termism Build. However, after the Pump, the nihilism of MEME-izing everything has completely changed the industry ecology. Market participants no longer believe in the power of technological innovation, and even no longer pursue the long-term PVE growth concept. Instead, they are just blindly in the short-term interest dilemma of the zero-sum game of PVP, destroying the technological innovation value system that the currency circle relies on. 3) It is an over-reliance on the attention Fomo economy. Originally, the vertical segmentation narratives of Crypto had different communities, and each track had a certain layout of funds and users. However, when the project exploded, the user's attention would be severely torn and scattered, and almost everyone's cognition and decision-making in the end would be abstracted into: When CA, brainless rush. This will lead to attention hype becoming the core gripper, and the conspiracy group that is good at concocting and manipulating information gaps will become the manipulator behind the scenes. In the long run, most users in the market are forced to lose their holder thinking, and have to become sitting P players, fighting wits and courage with the dealer, and eating the rice of youth; and the project party has to bear the huge selling pressure from the beginning of TGE, creating a vicious cycle of TGE being the peak, alas. How to break the situation? To put it simply, there is only one way: embrace VC institutions to enter the market and provide support for early innovative technologies; attract innovative regular army teams to layout and bring real value creation; linearly release chips to extend the life cycle of projects; cultivate a community with long-termism, etc. It sounds simple, but it is not easy to promote. The market needs a long period of natural evolution. As I said at the beginning, Pump is poisonous, but most people are actually unwilling to admit that it is poisonous, and they can't help but take a sip, because it captures the greed, speculation, and profit-seeking of human nature.