1. Value Cancer: The mathematical game of air coins
Comparing two sets of data:
A certain Meme coin: Market cap of $5 billion, 200 daily active users, actual revenue $0
A certain SaaS company: Market cap of $5 billion, annual revenue of $800 million, over 100,000 paying users
When the tide goes out, the bubble of token economics will eventually be pierced. After 15 years of blockchain technology development, less than 1% of applications have truly landed.
2. Narrative Cancer: The traffic password has lost its effectiveness
The 'narrative magic' that once caused altcoins to soar is losing its effectiveness:
DeFi: TVL plummeted from $180 billion in 2021 to $40 billion, with a median protocol revenue of less than $1 million
NFT: OpenSea trading volume shrank by 90%, BAYC floor price fell below 1 ETH
Metaverse: Decentraland has less than 500 daily active users, average price of virtual land has dropped by 98%
New narratives like AI tokens and RWA (real-world assets) have yet to form a climate, and market consensus has fragmented.
3. Liquidity Cancer: Massacre of ghost town public chains
EOS, Tezos, Algorand… these public chains that once had a market cap of tens of billions now have a TVL (Total Value Locked) of less than $100 million, and developers are almost zero. In the next two years, 90% of public chains will become 'digital ghost towns' — no users, no transactions, no ecosystem.
4. Regulatory Cancer: SEC's 'Death List'
Starting in 2024, the US SEC will implement the strictest regulations in history:
Exchange Tokens: BNB, FTT deemed as securities
Staking Tokens: SOL, ADA faced collective lawsuits
Stablecoins: USDT faces a storm of reserve audits
Compliance costs are skyrocketing, small and medium projects are accelerating their exit.
