Author: Mr. Zuo Web3

The media personnel aligned with altcoins have calmed down, and the saints of the cryptocurrency circle have found their own children.

It seems that nothing has happened; media personnel are not responsible for the large-scale dumping of altcoins, and exchanges do not need to pay for the complete destruction of the industry's image.

This is reflected in the public opinion market, where KOLs are generally extreme and united. Behind Kaito's beautiful exit and the Agency's faint harvesting, external BNB players and everyone engaged in a heated exchange ultimately triggered a comical civil war.

Only Noise Remains

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Beyond information asymmetry and consensus, only noise remains.

Since the advent of Bitcoin in 2009, the history of cryptocurrencies has been a perfect Pareto curve, where early lucky ones obtained immeasurable wealth, and all actions of later arrivals revolve around them in cyclical movements.

Pandering to Binance or complaining about unfair OKX lotteries is merely a show of weakness. Exchanges are where KOLs hit their ceilings, project teams and big players symbolize the lack of population, only bending to learn a bit when hot topics arise, or engaging in single purchasing marketing before launching tokens.

There is no long-term cooperative relationship with major tech companies here, even less the fertile ground for the birth of industry-level KOLs; you must make camp choices.

More seriously, public chains and USDC/USDT stablecoins no longer require relationships with cryptocurrency media; lobbying, capital operations, and political connections are more critical than KOLs.

Mr. Beast is marching into the FinTech industry, while crypto KOLs can only clumsily learn about U.S. stocks.

Why?

Because the commodity of information only has economic value when information asymmetry and consensus overlap.

• Early miners had highly controllable investment and holding costs compared to buying and selling Bitcoin and Ethereum, akin to early participants in multi-level marketing who always managed to exit timely; CZ had already been adept during the postal currency card era.

• Later stage assets all believe that everything in traditional finance will go on-chain, but the immense anticipation when The Merge and BTC spot ETFs were introduced is missing, while altcoin holders await the overflow of capital.

You either become a miner early on, acting as a producer, or become a large player in later stages, morphing into a rentier. If you enter somewhere in between, you can only desperately shout that a bull market will return. As more KOLs emerge, very few can exit with dignity.

The KOLs recognized by the market associated with Binance have been bitten back by the principal, just like Binance getting rid of its close friends, token issuing editors, and listing brokers; giants have begun to tear away their margins to maintain a mechanical existence.

Moreover, the introduction of AI will be a disaster for the public opinion market in the cryptocurrency sphere.

In the face of the SEC's policy interpretation, the qualification checks for stablecoin issuers, the due diligence of project parties, the interpretative abilities required from KOLs are highly comparable to the professional standards of traditional consulting, auditing, or legal industries.

And those industries themselves are in a historical process of being replaced by AI; it would be better to learn AI directly.

The problem is that AI is a great professional assistant; professional programmers can treat AI as a productivity multiplier, but most people can only make a flashy little tool out of it.

In reality, AI has never enhanced KOLs' ability to interpret and disseminate professional issues; for example, you can see many independent developer KOLs, but you rarely use products from independent developers. You see numerous short tweets from crypto KOLs, but awareness of personal IP is declining.

Selling information asymmetry from the technical advantages of Ethereum killers like Solana/Aptos has collapsed to the point where Agents need stablecoins, constantly telling themselves that the need for stablecoins equates to a springtime for cryptocurrencies.

Whether stablecoins or RWA, they are just tools in the cryptocurrency industry's value; without viewing oneself as an asset for sale, the ultimate outcome will be SaaS valuations.

In contrast, surrounding us is a colossal sense of confusion regarding crypto-native assets; everyone knows that MegaETH will follow in the footsteps of Monad/Scroll, but gamblers have licenses, and everyone needs to cooperate to perform this play.

In the post-truth era, it's not KOLs and media individuals using AI to create false information, nor is it the recommendation algorithm flooding “digital leftovers,” but rather the agony index of ordinary people is too high, forcing them to embrace emotional candlestick charts for a moment's peace.

There is no so-called post-truth era; there is only garbage time that rejects the truth.

Does Du Jun not know that BTCFi is a joke? Yet, he insists on selling BTC/ETH L2 projects and quickly retreats into the embrace of Bitcoin.

Super Liquidity of Ideas

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Who is our enemy? Who is our friend?

The cryptocurrency circle inevitably enters the latter half of the Pareto curve; the arrow of time cannot turn back, and with diminishing marginal returns, zero-sum games (I gain, you lose) are unavoidable. Do not harbor any illusions.

The free market of ideas has value in the cryptocurrency industry in seeking the next asset with the property of “upward phase.” Researching whether Google can endure for the long term or if Bitcoin will fall to 50,000 is meaningless; these assets have already proven themselves over long periods.

The solidified market structure, in terms of the public opinion market, anchors on the dismissal of KOLs as an external concept, making information market makers the most appropriate.

After the end of technological narratives, a disconnection arises between asset narratives and retail purchasing power. U.S. stocks and bonds require stablecoins and Ondo to introduce on-chain narratives. Existing opinion LPs are inadequate to explain this complexity, necessitating the introduction of AMM or CLOB perspectives.

Hyperliquid does not engage in marketing, but traditional Twitter (X), WeChat, and Xiaohongshu’s algorithm barriers have led PumpFun to treat coins as joy beans, ultimately producing extreme probability market Tickers.

Gone are the days, compared to these asset issuance paradigms, the idea market has only evolved into manual collaborations at the Agency level, which does not align with the upcoming asset discovery narrative, not discovering crypto assets or AI assets, but rather the next era and the assets of the next generation.

If everyone patiently observes the movements of exchanges, a trend toward centralization has inevitably begun to appear.

Their goal is to navigate through various projects and arbitrage within exchanges; they don't want to start a business and become wealthy, but rather want executives to engage in struggles while failing to understand the impact of AI on the industry and failing to enhance user experience.

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Central registration: A being that fantasizes about commanding others to execute ideas due to its age and the structured superiority endowed by its organization.

Asset holders have aged in their perspective, opinion disseminators have centralized, leaving only the younger ones disoriented in the wind.

If Perp DEXs are already on the road to replacing CEXs, then to replace the current information market, information market makers must at least know where to exert their efforts.

• Eliminate the old; the ones to be eliminated are the Binance parents and their children, retreating to the second line to hold assets for interest, earning industry Beta returns.

• Introduce newcomers; seizing the opportunity to embrace overseas RWA is crucially needed, requiring financial professionals to facilitate information and capital exchanges.

• Transform mechanisms; mass distributing project information in Easy Mode will not yield increments; either have the ability to discover new assets or transform into multi-level marketing to go offline.

Faced with the powerlessness of AI and the confusion of the industry, we must establish a sense of mission as Founders, merely facilitating trade and project parties’ commercial information yields no significance for transaction volume.

Friends of altcoins (cryptocurrency media personnel) do not possess greater information analysis capabilities; what they have is media brand inertia. Early rich old ones possess absolute capital advantages but do not necessarily have stronger capital operation abilities; capital scale has covered their clumsiness.

Behind Yili Hua, the giant whale cuts losses and exits while Peter Thiel takes advantage of DAT's low tide to leave, both proving that early first-mover advantages are more critical. You can keep making mistakes, but early low-cost accumulation will repeatedly save you.

Under the framework of information market makers, any content revolving around current hotspots and figures is merely a clue; the undercurrents hidden beneath are the media's exploration scope. If the media lacks this discovery ability, it is recommended to click on Douyin to watch the girls.

Advancing along the great road pioneered by DeFi, professional market makers must first be AMM-ified to evolve into further professional CLOB Perp DEXs.

In other words, every individual should treat media as their complementary career rather than KOLs needing to pursue CPA; instead, CPA certificate holders should strive to be KOLs, the next step of information facilitation is capital facilitation.

Conclusion

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The cryptocurrency circle is an economic history on a light-year scale.

From everyone profiting to everyone experiencing extremes, it has only been over a decade; money has not been made, and the shame of being in the industry increases daily.

As money is engineered into stablecoins and AI is engineered into computing power, information should not remain in the manual operation stage; it must mobilize everyone's participation to trigger capital involvement.

The hierarchical structure of a few big KOLs and many small retail investors cannot bring the incremental volume that exchanges yearn for; it is hoped that a super information market maker will emerge by 2026.

“Mommy and Daddy, love me one more time” is truly abstract; the abstract is not the child, for the child can only learn by mimicking; parents are the primary responsible party.

Do not become Wang Lin or Epstein; instead, strive to become a new era Peter Thiel or Lü Buwei, forever hoarding the next phase's rare goods.

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