Recently, due to Alpha's wash trading, the target ZKJ has instantly dropped by 80% in price, and it was discovered by the community that the project's CEO is an alumnus of Tsinghua's Yao Class. Some community members have asked the director for comments.
The director did not graduate from the Tsinghua Yao Class and cannot represent it. Some facts the director knows:
The technology of Polyhedra was primarily developed by students of Professor Dawn Song (of the privacy public chain Oasis), who later invited Jia (of Everchain) to be the CEO. The technology of Polyhedra is solid and robust.
Regarding capital operations, the director is not informed. When the director met Jia, he had previously worked hard on his startup Everchain, and after industry trials, he probably has also 'matured'. He has also handled the problematic project Findora, and now he is involved with Polyhedra.
From a commercial success perspective in the crypto projects, technology only accounts for a small part, while the rewards for continuous token issuance by entrepreneurs are too great, especially when running projects without income, or where selling tokens is the only income. Old tokens cannot be reissued, so they go and create new projects to issue new tokens, repeating this cycle. Particularly in the current environment, exchanges, market makers, and KOLs, who are the main profit-making groups, also like to engage in new projects, pushing project teams to sell their souls/reputations/overdraw their influence for profit at the moment of TGE. Afterward, it’s all a mess, and no one cares, while many criticize from a moral high ground, raising flags for the retail investors.
Perhaps community members feel that the director attributes blame to the environment as an excuse; many people privately advised the director not to continue with Chen Fengxia and to quickly move on to new projects, viewing the director with the same look as one would give a fool.
Of course, the director is not defending these entrepreneurs; the current industry environment's reward and punishment model for entrepreneurs: low penalties for ethical breaches + high rewards for fraud. Under this atmosphere, too many entrepreneurs cannot resist this temptation, leading to moral decline, distorted actions, and a trend of continuous entrepreneurship (token issuance). The director has seen too much and has faced the abyss himself.
Certainly, the crypto circle is also reaping the bitter fruits of its actions; aside from Bitcoin and stablecoins, the confusion in the entire industry likely exists in the hearts of all practitioners.
The endogenous liquidity of the industry has also been siphoned away by the heated cryptocurrency stock market, entering a chronic liquidity contraction situation, which is also the macro backdrop for this cycle approaching the end of the bull market. The financial engineering of cryptocurrency stocks is a game without dreams, not a silver bullet for continuing the bull market.
