jakiro
Source: 4 Pillars; Compilation: Techub News
Article summary
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The rules of the gaming rules in the development of the cryptocurrency industry have begun to change, and market participants are forming a consciousness to describe the game itself.
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Application of the cryptocurrency industry urgently need to bring block space demand.
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The biggest advantage of cryptocurrencies is that its value will weaken the ability to give economy and provide a trading platform.Recently, there have been new experiments that use focus economic and speculative characteristics in the market, such as Memecoin, social transactions and forecasting markets.There may be more flexible chain applications and business models.
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For the application on the chain, speculation is the most powerful function.The continuous increase in speculative social needs can attract “Degens”.
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In the long run, the goal of the industry should be the value other than speculation.It is necessary to transform users who attract speculative demand into the core value of users who truly appreciate services, establish a sustainable token economy, and eventually provide social maps and product value beyond speculative.
source:Dawn Delivery | 4844 Movie
As the paradigm Lianchuang Matt Huang said, we are like a casino built on Mars.From the interaction between the bottom layer of the currency and the application, the system and mechanism established by the society are being re -constructed to adapt to a new paradigm called “cryptocurrency”.It transcends the globalization of technological innovation and reflects different cultural and social significance.For liberals, cryptocurrencies provide a path to free markets and autonomy.For encrypted punk, it provides anti -censorship and unparalleled value exchange networks.For entrepreneurs, cryptocurrencies are the basis for establishing the next generation of Internet.For traders, it is the source of endless dopamine and potential profits.According to the different personal views, the casino built by cryptocurrencies will be very different.What do you think about the future of cryptocurrency exercises?
It was more than half in 2024. Looking back, this year is full of vitality, highlighting the multilaterality of the cryptocurrency industry.Bitcoin was recognized by the agency through ETF.Ethereum successfully implemented the DENCUN upgrade including EIP-4844 notes.Rollup was deployed into the blockchain project and became the mainstream solution to start the new chain.Solana opened an amazing revival after a difficult period, and the bull market since last year has also triggered the public about Memcoin and Celebrity Coins.
In terms of applications, we have seen the major development of cryptocurrencies.Over time, the DEFI protocol has matured and is expected to grow.At the same time, the emergence of SocialFi and other scenarios, as well as the appearance of re -pledge and artificial intelligence, attracted people’s attention and speculation.
Compared with the previous bear market, the market has obviously recovered.However, while recovering, a breakthrough valuation of breakthroughs also appeared in the industry.As far as Memecoin is concerned, on the one hand, the opponent claims that it is meaningless speculative behavior, and the person believes that the innovation of its representative is “Go-to-Market”, which is a derivative of the focus of economic emerging modelsEssenceIn addition, as far as narrative is concerned, the industry is also divided into two factions. One faction praises the evolution of new narrative methods and infrastructure, and the other belongs to the elite field.
Since the birth of Bitcoin in 2008, the cryptocurrency industry has gone through a road that is turbulent than any other industry, and has experienced multiple growth and capital cycles, which ushered in the current recovery.When the public interest has faded, the industry will be dramatic, which will cause new narratives and hype.Similarly, the future development of the cryptocurrency industry also contains countless scenarios and possibilities.This article thinks about the narrative game that promotes the development of the cryptocurrency industry tonight, and discusses the latest trend of continuous changes in the industry pattern and the development direction of the cultural industry.
Edit game
Source: fractal life
Start at all Bitcoin.Since its birth, the cryptocurrency industry has gone through countless development and changes, but Bitcoin is still a benchmark for the entire industry.As of writing, the market value of Bitcoin has reached 1.2 trillion US dollars, ranking 10th among all asset categories.With the approval of the spot ETF, Bitcoin further consolidated its “digital gold” position.The reason for Bitcoin to achieve a market value of 1.2 trillion US dollars is not a business based on operating profit, and it is considered a asset with scarcity and legitimacy.Even the world’s most widely used payment network VISA and Mastercard, its market value is less than half of Bitcoin.
source:Bitcoin Vision
Bitcoin was not regarded as “digital gold” from the beginning.In the early days, most people thought that Bitcoin was a new electronic currency or low -cost payment network.In the early 2010s, people generally believed that Bitcoin was a kind of darkness. Over time, Bitcoin gradually gained a legal status, and its narrative method also changed from transaction value to value storage.The second half of the figure above, that is, in the same period of 2018, it is clear that public opinion is more inclined to use Bitcoin as an asset category, not a payment network.Although the above figure does not show data after 2018, the argument about Bitcoin’s “digital gold” not only has always existed, but also continuously strengthened.
The view of Satoshi Satoshi Bitcoin is that the essence of currency stems from public opinion.Blockchain is just the encryption of public opinion between participants.The value of this network is dominated by participants’ evaluation of the network.If Bitcoin is also considered to be a payment network or dark network currency, not a value storage narrative, then the current value will be very difficult.
The success of Bitcoin sets standards for subsequent agreements and tokens.Like Bitcoin, most tokens in cryptocurrencies have commercial and asset characteristics at the same time.In addition, the anti -review and consumption permit of the blockchain provides a foundation for the issuance of tokens and allowing others to transaction to the trading to the tokens.In order to increase the value of the token, each agreement needs to make more people agree with its vision and believe that its token is valuable.
source:X (@alphanonCestaff)
Therefore, a unique “description game” culture has begun to prevail throughout the cryptocurrency industry.Emerging industries usually value the potential of the future, rather than the actual interests in front of users.However, in the field of cryptocurrencies, this method of describing as a driving force has dominated status.Since the rise of the ICO boom, the marketing strategy based on fascinating stories has been effective. At that time, people scrambled to publish the white paper, and even today.In the field of cryptocurrencies, the most influential characters have always been idols, researchers and ideological leaders.The trend of worshiping these characters as an idol has become one of the most significant features of the industry.
In addition, the narrative game is particularly effective because most participants in the cryptocurrency market are investors and traders.The success of cryptocurrency narrative games exceeds effective marketing activities.Its biggest advantage is that it replaces the characteristics and model of licenses, allowing anyone to take any ideas to token and give it economic value.The narrative that can be carried by a project is convincing and more attractive, and it will become a key factor in the market directly.With the rise of token prices and the increase in transaction volume, traders will continue to find the next fascinating story, while the project party has created an endless cycle to provide these narratives.The cryptocurrency industry has maintained growth in the cycle of continuous acceptance and disappearance in the new narrative.
source:X (@intuitio_)
Since the beginning of this year, Memecoin’s boom has exposed the nature of the cryptocurrency industry narrative game.The phenomenon of tokens that are hardly provided or visible or vision are sought after in the market, and fully expressing narrative games is still the leading force to promote the development of the cryptocurrency market.
The rise of Memecoin is not just because of speculation.It also reflects the criticism of eliteism pursuing complexity in cryptocurrencies, as well as the unbalanced status of retail investors and VC markets.With the maturity of the industry, the truly innovative narrative is increasingly rigorous.few.The difference between more and more projects will be advertised as the next “blockchain revolution”.And this also leads to excessive crowded platforms, excess block space, and fatigue to repeated narratives.In addition, the mainstream projects can even obtain exaggerated valuations from VC before they are released, and try to control prices through limited circulation supply.This situation makes it difficult for many retail investors to participate in narrative games.
source:X (@gainzy222)
The significance of cryptocurrency narratives and practitioners’ consumption narratives are changing.How long can the old routines last to prove the rationality of high market value and create new stories last.But we can’t expect new technological innovation or business models every week.
Most of the cryptocurrency industry has been described based on technological breakthroughs and capital efficiency.Now, investors and users seem to have a sense of awareness of the game itself.Cryptocurrency description games seem to be developing in two extreme descriptions.Complaining about the new innovation and narrative is not as good as before, the other party constantly speculates that the newly emerged coins and popular items appear, and then watching them shatter like a bubble.In the near future, we may see that this change has become more obvious.
Where am I now?
Since its birth, the narrative game of cryptocurrencies has undoubtedly played a vital role in building an industry.Not only to maintain the price of tokens, the cryptocurrency industry also requires goals and vision to prove its existence and potential, especially to deceive many people to accept the vision of blockchain and web3.The current form has also played an important role.
However, the technical restrictions of blockchain and web3 are very obvious.For daily applications, the network speed with sufficient security and anti -review capabilities is too slow and the cost is too high.During DEFI and NFT, a single transaction fee on Ethereum exceeded $ 100.
source:Rollup.wtf
Fortunately, the efforts of engineers and researchers, blockchain technology has been early.Now, safe and scalable blockchain space has become a reality.Most L2 or high -performance chain trading costs are less than $ 0.01, and the speed is equivalent to traditional applications.
source:Myth in infrastructure stage
Looking back at the past, Bitcoin has been born for 16 years, and Ethereum has been born for 9 years.Over the years, the cryptocurrency industry has gone through several cycles of infrastructure and application development. It has not only experienced technological progress, but also declined by greed.In the initial stage, due to insufficient demand and the required resources required, the industry development is relatively slow.By 2020 DEFI and NFT summer, the demand for applications has begun to explode, but the system that supports this demand is insufficient.Subsequently, we deeply meet the needs of stability and scalable infrastructure.
The encrypted cold winter after 2022 marks the rapid development period of blockchain infrastructure.Rollup, data available layers and ZK technology have entered the commercial stage from the research stage.The market actively adopts these innovative technologies.Solana and other integrated chains have made low progress and fast transactions that have attracted new users.Performance chains such as Sui and Monad have also aroused people’s interest and are expected to launch more applications in the foreseeable future.
The development of infrastructure and applications is complementary. No one is more important than anyone, and who needs to give priority to development.Application has stimulated the demand for infrastructure.Conversely, advanced infrastructure lays the foundation for new applications.YouTube was born in 2005 instead of 1995, because of the widespread application of broadband infrastructure.The popularity of broadband has benefited from the success of early online companies such as Amazon and eBay.
source:X (@imrankhan)
Blockchain technology has a lot of room for improvement.We look forward to more widely adopted networks that can provide better user experience and security.However, it is undeniable that the narrative of the cryptocurrency industry is completely concerned about technological improvement and previous concepts.Now, it is time for the application of the encryption industry to stimulate the development of infrastructure.The most important thing is that we need to bring the application of block space requirements.
As mentioned earlier, the cryptocurrency industry has always had the market demand for new narratives, which is extremely strong in the web3 environment of value accumulation in the web3 environment.Therefore, it is almost inertia, and the industry continues to show preferences for platforms and foundations. The emergence facilities for applications are relatively lagging, and the impact on users is underestimated.
source:Vitalik Buterin (ETHCC 2022)
After Ethereum Dencun upgraded earlier this year, Vitalik Buterin expressed his views on the future development direction of the cryptocurrency industry.
Today, what I think is that we are obviously on the right side of a S -shaped curve, that is, the ending period.Before the end, the two biggest changes in Ethereum, that is, the use of equity proof and re -structured spots, has become a further improvement in the past, but it will not have an intuitive impact as the rights and interest proof and shard.
The first ten years of Ethereum belong to the “trainee” stage to a large extent. The goal is to allow Ethereum L1 to land. The application is mainly partially interested.Until a few years ago, we still set a low standard for ourselves, that is, to build those applications that are obviously unavailable in large -scale, as long as they can run as a prototype and decentralize it reasonably.
Until now, we already have most of the tools needed to build a crypto punk style and user interface application.We let go to find, and the developers have no excuse to say.
Source: x (@qwqiao)
If analyzes are analyzed, tokens as a value storage (such as Bitcoin) and the stable coins as payment methods have entered a mature stage.Stabilizing currency has become a reserve currency on the chain, and has also been out of the country’s DEFI field by the unstable national DEFI fields such as Latin America or Africa, and the business of mainstream projects has also stabilized.Token Terminal data shows that MakerDao created a $ 3 million income in the first quarter of 2024, with an annualization of about $ 12 million.The market value of tokens is about $ 20 billion, and the P / E ratio is about 16.Even compared with traditional fintech companies, this does not seem to be a high valuation.
On the other hand, for a wider range of user groups, applications in some areas are still very limited.NFT seems to be experiencing a “disillusionment”.After the bull market in 2021, except for a few core IPs, most of the NFT projects failed to be favored by society.In addition, even if the market has high hopes for the game, the results of the results are not optimistic and have been suffering from neglecting users.As for other scenarios, such as artificial intelligence, DEPIN and social, or the peak of hype, or just an innovative starting stage.
The cryptocurrency industry has passed a key framework.Despite the various challenges that include the Terra and LUNA incidents, FTX closures, increasingly severe macro environment and regulatory pressure, cryptocurrencies will continue to move forward.Even under extreme assumptions, the scene of the collapse of the entire industry has become extremely unreasonable.However, it is undeniable that the application of blockchain still dominates the field of finance and trading, catering to limited user groups and lack of mainstream attractiveness.
The current cryptocurrency industry is at the crossroads, and it may continue to maintain the current state. Only in the tokens as a gradual improvement in mature areas such as value storage or DEFI.This does not mean that the role of continuing to play the currency market is meaningless, but because of this, the cryptocurrency industry is eventually driven by participants, just like the stupid or marijuana industry.Cryptocurrencies have huge potential as the application layer.Ideally, after using this well, we are completely likely to promote the adoption of mainstream applications and the emergence of new business models.
Go all goals
Source: “The Year of Navar Lavanter Yearbook”
Traditionally, only individuals or enterprises with capital and labor have leverage.However, the popularity of software and media broke the status quo.Software enables any personal development and application and services with very little capital, which brings innovation and has a Volkswagen platform and SaaS products.The widespread application of platforms such as YouTube and Instagram can expand personal influence, which has triggered the “Cambrian Outbreak” of the influential market and small media.
The maximum value provided by cryptocurrencies can give any idea to economic value and provide a trading platform.In traditional systems, the formation of the market requires internal intervention and permission to maintain economic value and mutual trust.However, blockchain technology provides the foundation for its in -depth currency, allowing users to exchange economic value with others through the Internet and form the market under the premise of obtaining the trust of others or obtaining the permission of others.
“Meme” was first proposed by Richard Doukins in his book “Selfish Gene” that it is a concept of similar genes that transmit genetic information through physical methods.In society, MEME is a cultural unit that can represent later, which is adapted to the Internet culture and is widely used in the current meaning.The cause is like genes, spreading through social interaction, and continuously evolved in the process of replication, modification and reproduction.
Recently, Michael Rinko’s Michael Rinko in Delphi Digital is in his article“Attention is all you need”It is emphasized that cryptocurrencies have given economic value for people’s ideas and interests, allowing users to have their own interests and earn profits.
On Instagram, we will pay attention to the brand and influential people.But what I can do is to forward and share these content with friends.Our attention is worth 100% by others.
Different cryptocurrencies, cryptocurrencies will be democratized and let us have it.If you find that you spend a lot of time on some topics, you can truly have your own topic and estimate the income.This principle is mainly to look stupid, which means a major change in Internet economics.
Memecoins brought the framework of “attention is value” to the extreme.They provide the purest way to buy tokens because you think it will attract attention in the future.
Source: X (@Jessewldn)
One point must be acknowledged that Memecoins itself is not the most important.The bottom layer is just a Meme. Once they become boring, they will soon disappear from people’s sight.The original potential displayed by memecoins is the possibility of the appear for new applications.From identity and data to maker economy, the ability to give economic value to the focus, paving the road for cutting -edge markets and applications.
The breakthrough in 2024 was extremely prominent.The cryptocurrency market is re -activated, and the application of converting attention into speculative demand has grown rapidly.
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Solana’s pump.fun has become the main platform of Memecoin, and the cost generated has reached its peak in all protocols.
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Friend.tech and fantasy.top integrate social transaction functions related to Twitter, generating strong speculative demand, and realized a fee of $ 65 million and a transaction amount of more than $ 36 million.
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Farcaster -based SCENECOIN Degen has attracted a large number of users and activities through innovative airdrops and community incentives and contributed to the success of the Farcaster ecosystem.
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During the US presidential election, Polymarket’s activities and transactions increased significantly, recording a transaction amount of $ 100 million in June alone.
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Ton ecological Hamster Kombat uses its simple functions and seamless integration with Telegram to achieve 100 million users.
Although this list is not eye -catching, the release and experiments of scale applications continue.Although the industry has already existed for more than 10 years, the work of using cryptocurrencies emphasizing characteristics development and application has just begun.A series of unique user experience decisions that may provide on the chain application.We should pay more attention to these measures because they provide meaningful experimental results for how cryptocurrency applications meet the needs of users and meet the market.We look forward to more experiments on the social, games, NFTs and forecasting markets that have not been fully explored.
Investment machines are just characteristics, not defects
Blockchain is a head technology.In addition to the chain for specific applications, most networks provide a general execution environment and database for the operation of the application.In principle, most of our daily use can be used on the blockchain, just as the software no longer runs its ability to run on mobile devices or uses cloud marketing keywords. Crypto technology should not be the final standard describing the application function of the application function.Essence”Blockchain” or “cryptocurrency” will be used as described applications, and users should be able to use applications without knowing the underlying chain or wallet.
When someone wants to launch products or services, no one will ask why it is released online.Because the deployment cost is relatively high, the speed is faster, and in addition to special circumstances, customers can enjoy the same convenience and accessibility than offline.What happened.As the use of the market and interconnected ecosystem wallets becomes more and more common, we will no longer question why applications need to run on the blockchain.
However, in the current limited blockchain environment, such assumptions are just a hope.The current blockchain development environment is still full of challenges. Users are not only familiar with wallets, but also tend to avoid wallets.Except for some enthusiasts, most users need strong motivation to use the upper application.This is not only the problem of increasing the use rate of 10% or 20%. What we need is the user experience and functions that can only be achieved in the upper chain environment.
Source: sound.xyz
Most users in the industry are airdrops “hunters” and traders, and their main purpose is to meet speculative needs.Those who pursue the ideal of cryptocurrencies believe that this speculation has subverted the essential purpose of cryptocurrencies and tried to maintain it with these behaviors. However, we need to re -evaluate the role of these “Denen” in the industry.It is no exaggeration to say that the cryptocurrency industry is based on speculative injection of capital.Most of the trading volume on the chain is based on speculative demand, arbitrage or MEV profits, which cannot be ignored.Without users’ infrastructure, there is no value and no vulgar investment. Degens is an important promoter in the cryptocurrency industry.
During the NFT summer in 2021, many companies and brands teased to enter the cryptocurrency industry, and everyone was excited.However, it was not Disney, but Pudgy Penguins.Cryptocurrencies have reached the level that can maintain growth independently.Compared with external entities entering the cryptocurrency industry, the outward expansion of successful products in the industry may be a more possible method to achieve mainstream mainstream.In the final analysis, Degens is an early adopter and basic user group on all the applications on the chain. Meeting their needs should be the first step in verifying the product market.
Source: ETORO
This is a social phenomenon for speculative preferences. This is a social phenomenon.The deepening of economic inequality and the shortened duration of people under the influence of social media has prompted people to continuously improve their risk tolerance for investment assets.In the 1970s, the average shareholding of Americans was 5 years, and by 2020, this number dropped to 10 months.
Because the high -risk preferences of Gen Z, they are worried that they will not pay attention to or gambling will lose bias.Among the major countries today, the younger generation has become more difficult to live better than his parents.It is recognized that labor income cannot exceed capital, and many investors invest in the concept of “nothing to lose”.Their chips are very small, but if they are not actively betting, the opportunity to survive in the casino will become more and more slim.
Although the current situation is undoubtedly anti -Utopia, the high volatility of the tokens is also considered by many people to be a good opportunity for dynamic adjustment.Facts have proved that easy -to -obtain speculative assets like Memecoins are attracting new users into the main means of the cryptocurrency industry.Driven by the Solana Ecological Memecoin boom, the Phantom Wallet ranks third among the utility rankings of the APP Store in the United States, and the number of monthly users reached 7 million.In the process of using speculative needs, users will not consciously understand digital wallets, wallets and markets in the process of application. Therefore, Finnish culture may be transformed into traffic organic.
source:X (@0xjim)
Although most of the applications on the chain use unique user experience and speculative needs have attracted a lot of attention in the short term, due to their rough design and strong speculation, the life cycle is often short.However, on this point, the conclusion that the application of structural retention on the application of the chain that cannot be achieved on the application of the chain has not excluded the surplus grass rate.
The reasons for the launch of the life cycle on the chain include: most of the user groups are composed of consumers and traders, and their loyalty to the product is very low; compared with infrastructure development, the time and resources allocated to the product development are very small; greatly large;Most products are excessively paid attention to short -term speculation rather than long -term validity.
In the end, what I think is that if speculation is the only purpose of cryptocurrencies, I will not contribute to this industry.However, we must allow cryptocurrencies to realize the vision of web3, so that universal applications such as games and social platforms such as games and social platforms can be within reach. We must not only consider the goals, but also consider the solution of the goal.Given the current industry and social environment, speculative demand seems to be the most powerful tool for cryptocurrencies.
However, in the long run, users who attract speculative demand must be transformed into users who truly enjoy the core value of service, so as to establish meaningful funnels and promote interaction other than speculation.In addition, it is necessary to formulate a token issuance and distribution framework that can be afforded in the short term, and finally provides social maps and product value beyond the investment machine.
End of the prelude
Source: “Bitcoin is dead”
People’s emotional fluctuations are even more exciting than the price of first -class coins.When the price falls, everyone will give the market Bitcoin.Since Bitcoin is born, it has caused “death” every year.In my opinion, the cryptocurrency industry has developed to consumption. It will determine whether the industry can realize the vision of Web3 and become mainstream in the next two or three years.If the fit of important products and the market cannot be verified in this cycle, there is no excuse to say.
It has been 10 years since the launch of Ethereum, the first general blockchain.Although Ethereum has conducted extensive research and development over the years, and the entire industry has also experienced ups and downs, it was not until recently that it has developed into a technology that is reliable to use actual users.Although token prices and description games have been promoting the development of the industry, now they should pay more attention to the impact of its products on actual users than ever.
