
AB Kuai.Dong|Nov 10, 2025 03:38
River reached out to me multiple times before, but I ended up turning them down.
Mainly because last cycle, I went through too many dual-token model projects in chain games and DeFi. For example, you invest in one token, and through a series of operations, you get another token. Usually, both tokens go up in the early stages.
But as circulation increases, the outcome is always the same: one token will inevitably get dumped first.
What River is doing is no different from those who were doing chain games and dual-token models back then—essentially tokenizing points.
The only difference is that this version isn’t packaged as chain games anymore since that trend isn’t popular now. Instead, they’ve switched to an ICO + points + hype model, but the essence hasn’t changed at all.
So you could say, there’s no innovation in the industry this year.
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