Looking at the current crypto market, very few assets have truly withstood multiple cycles and been incorporated into traditional financial portfolios—basically just BTC and ETH, plus a handful of public chains with real ecosystems and cash flow support. Others? To put it plainly, they are altcoins.

But the key issue isn't whether altcoins can be played, but that their game rules have completely changed.

Looking back at history, you'll see that opportunities have always existed. What was the DeFi Summer of 2021? A technological revolution combined with continuous influx of capital, allowing ordinary people to access financial infrastructure through smart contracts for the first time. And the Meme market at the beginning of 2024? That was a total explosion of community, culture, narrative, and sentiment. During these phases, the market still has research value, and retail investors can build their own judgment frameworks based on logic and data.

Now, it's a different story.

First, there's a lack of capital. Macro liquidity is limited, and new money within the circle isn't much, unable to support a large-scale, sustainable risk appetite. Even more painfully, the value system has been completely disordered—many projects without real users or application scenarios, relying solely on background, relationships, and financing advantages to firmly occupy the ecosystem center, continuously siphoning blood.

In such an environment, technological innovation is no longer a decisive factor; it has become just a tool for packaging narratives. Whether a project can succeed increasingly depends on how the tokens are designed, how liquidity is arranged, and whether there is a smooth exit channel. Once the incentive mechanism fails, the entire project becomes just an empty shell.