As a wave of new coins crashes and plummets, the previously booming FOMO sentiment in the market has once again taken a hit. No doubt, many people are feeling all kinds of emotions right now. Actually, it’s never been about the market being bad—it’s the game rules that have been completely messed up. 1) High FDV, low circulating supply, and controlled pumping won’t simply change because of Wall Street institutions joining in. In the short term, the volatility of pumps and dumps might actually increase; 2) Perp Dex ignited market enthusiasm with the wealth creation effects of HYPE, ASTER, and others. But the true breakout for Perp Dex comes from the demand for high-efficiency capital trading enabled by no-KYC and on-chain transparency mechanisms, as well as the fee buyback model—not the so-called “trade mining” airdrop farming hype; 3) Binance Alpha+ contract trading combos have provided many project teams with a low-barrier, high-liquidity Launchpad platform. However, the MM market manipulation behind it is intimidating. The key issue is that while it offers convenience to small tail-end projects, it has caused most mid-tier projects that have been building for years to lose sight of the meaning of technical innovation; AC’s @flyingtulip_ currently seems like an aggressive approach, but its value lies in addressing the fundamental issue of unequal token distribution among projects. It attempts to use capital structure innovation to buy time for product PMF, converting the market’s speculative “sell pressure mechanism” into “buyback incentives” through put options, among other strategies. Will it succeed? Who knows. But at least it’s trying to drive change in outdated mechanisms through innovation, rather than exploiting the structural flaws of old systems to squeeze out the last bit of liquidity.