Boring pseudo-bull market in crypto, calling for ruthless players and heroes
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Boring pseudo-bull market in crypto, calling for ruthless players and heroes
True warriors and tough individuals dare to face a bleak market and confront bloody competition head-on.
Navigating Web3 tides with focused insights
"Boring."
This has become the prevailing sentiment among many participants in the current crypto market cycle.
Primary market investors find it dull—either struggling to explain to LPs why they "can't outperform Bitcoin returns," or busy fighting for compensation, trying to recover even a fraction of losses, as there's simply not much worth investing in anymore.
Secondary market traders also feel the boredom—apart from Bitcoin and Solana, plus a few MEMEs, there are hardly any compelling opportunities.
Project founders feel equally dispirited—like masters of dragon-slaying techniques with no dragons in sight. Despite their skills, MEMEs dominate, retail investors have seen through VC coins, and no one knows how to capture public attention anymore.
...
In short, this is a fake bull market lacking innovation—especially when compared to 2020–2022, when DeFi, NFTs, metaverse, algorithmic stablecoins, MEMEs, and other novel concepts, products, and sectors flourished. Every small innovation triggered widespread wealth effects, drawing in waves of newcomers (aka "lambs"). Even major dollar funds that once looked down on crypto began sporting Punk/Bored Ape NFT profile pictures and shouting "ALL IN CRYPTO"...
The golden era is gone. What has caused this cycle’s lack of innovation, leaving only chaotic MEME mania?
As a writer, I’ve been struggling to find compelling topics. Compared to the last cycle, there’s a clear shortage of sexy narratives—especially new human stories.
Biographical content has always been a traffic magnet. Recall how this industry rose—the rise of legendary figures like烤猫 (Kao Mao), Wu Jihan, Shenyu, CZ, He Yi, Xu Mingxing, Li Lin, Sun Yuchen, Da Hongfei, Vitalik, BM, Li Xiaolai, Brother Wang ("Bao Er Ye")... Each was a powerhouse, rising from humble beginnings yet leaving indelible marks and unforgettable tales—perfect material for writers like me chasing clicks.
A media outlet’s “Crypto Elite Poker Cards” from 2018
The previous cycle coincided with DeFi Summer—a time of rising heroes: Elon Musk, SBF, Su Zhu, Andre Cronje, Stani Kulechov, Do Kwon, Anatoly Yakovenko, Barry Silbert, Kyle Samani... Each had their own legend, representing powerful factions like regional warlords, competing and forming distinct camps. Behind each faction lay numerous projects and assets—potential sources of immense wealth.
And this bull run?
Sorry, but we’re not seeing many new forces or heroes emerge. After FTX collapsed, the stage remains dominated by the same old crypto veterans.
Is it the lack of innovation keeping new talent away—or is it the absence of strong new talent causing the innovation drought? It’s a chicken-and-egg problem. I lean toward the latter: compared to before, the industry’s appeal to top talent is weakening.
There are many reasons:
The blowups of FTX, 3AC, and DCG plunged the industry into disillusionment, eroding trust among elite professionals and capital from traditional sectors;
With Bitcoin ETFs approved, giants like BlackRock and Fidelity are entering the crypto space. Bitcoin and Ethereum now enjoy external liquidity—but grassroots opportunities are increasingly scarce;
ChatGPT’s explosion made OpenAI’s Sam Altman and NVIDIA’s Jensen Huang global AI icons. AI has surpassed Web3 as the darling of capital, drawing top-tier talent en masse;
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In sum, today’s reality is one of “veteran dominance”: veteran project founders churning out new ventures like an assembly line; veteran VCs jumping in personally to hype up high-valuation startups; industry elders riding new buzzwords to launch copycat projects… Same faces, same people—it’s undeniably boring.
Going back to first principles, the future—and investment opportunities—of this industry ultimately come down to people. Whether in primary or secondary markets, investing in a token means investing in the team and individuals behind it. Lack of innovation, stale narratives, absence of山寨 (altcoin) rallies… At its core, it’s about a broken pipeline of new talent—either missing innovators altogether, or those newcomers still quietly building, awaiting their moment of breakthrough.
As I write this, a news alert pops up: Binance Labs announces investment in Particle Network.
One VC investor backed Particle Network multiple times, citing a simple reason: "The founder is exceptionally strong—resilient, determined, visionary, skilled at relationships, and highly execution-driven… No matter which direction Particle Network takes, they will succeed."
At inception, Particle Network’s team didn’t stand out—almost indistinguishable from the crowd. Yet years later, while peers either gave up, pulled rugs, or fell silent, Particle kept iterating—from an MPC application to a modular L1 chain abstraction network—and is now a leading project in the chain abstraction space.
Reflecting on similar projects from that era evokes melancholy. When faced with challenges, some blamed the market: "Market conditions are bad—I can’t do anything." Others blamed their sector: "This niche is dead—nothing I can do." Some pointed to their background: "We’re a Chinese project, discriminated against, never got enough support"...
True warriors and real players dare face bleak markets head-on. They confront harsh realities without flinching. Strength comes from within.
I hope the crypto industry soon enters another era of fierce innovation and flourishing applications—an age where bold new heroes emerge from all corners. When that time comes, don’t hesitate: invest in these new pioneers and relentless builders. People are both the root of every problem—and the key to solving them.
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