The Evolution of "Unveiling": When Strategy and Sustainability Meet

The concept of “unmasking” in the crypto market has always been fundamentally an information asymmetry business. Previously, it was enough to follow superficial analyses because even the projects themselves didn’t fully understand the dynamics they were creating. But the landscape has changed drastically. Projects not only learned the rules of the game—they learned to flip the board. They began to select users with surgical precision, to build more authentic communities. “Unmasking” has evolved. It didn’t die; it simply changed form.

From “Unmasking the Cover” to “Unmasking in Reverse”: The Game Shift

The transformation began when projects realized that aggressive user acquisition strategies had an expiration date. The old model—quick gains without concern for retention—worked while information was a privilege of a few. Today, anyone with internet access can see classic strategies. Projects then developed sophisticated countermeasures: strict participant selection, alignment of long-term incentives, genuine value creation.

This inversion creates a dangerous illusion for investors. They see opportunities for quick profit in activities like “刷dex”—immediate gains from temporary rewards. It looks easy. It seems sustainable. But this is the classic trap of path dependence: repeating old success formulas in a new context without realizing that the context has fundamentally changed.

Real Demand, Real Revenue: The Lesson of Hyperliquid

The case of Hyperliquid$HYPE perfectly illustrates the new logic of success. Its foundation isn’t technical sophistication or viral marketing—it’s pure supply and demand economics. Authentic demand, real revenue. Users don’t just come to “unmask” the protocol; they come because they find real value in using the platform.

This marks a profound break from the past. When issuing a token was simply seen as a way to capture user value, there was a clear predatory dynamic. Now, sophisticated projects understand that issuing tokens is, in fact, taking on debt with their users—a commitment to deliver ongoing utility. The relationship has shifted from extractive to balanced.

The True Danger: Mental Rigidity Versus Market Sensitivity

Curiously, the greatest risk isn’t being “unmasked in reverse”—it’s inflexible thinking. It’s using old maps to navigate new territories. Many market participants still operate with crystallized mindsets, expecting strategies that worked yesterday to work today. They continue to see “unmasking” as a zero-sum game, without noticing that the dynamics have evolved into something more nuanced.

Projects are also in continuous evolution, constantly thinking about how not to be exploited while exploring opportunities. When this dynamic of supply and demand completely reverses—when real scarcity replaces artificial supply—the rules of the game change radically.

New Incentive Mechanisms: The Future of Project-User Relationships

“Unmasking” will not disappear. But its form will certainly transform. It may evolve into deeper, more structured partnerships. It can materialize into long-term bonds that benefit both parties. It may take shape in completely innovative incentive mechanisms, yet to be tested in the market.

The central question is simple: how to maintain the ability to learn? How to stay sensitive to changes without losing discernment? Don’t be blinded by immediate gains to the point of losing sight of larger market trends. The evolution of “unmasking” is, at its core, a reflection of the increasing sophistication of all involved actors—projects and users learn together, adapt together.