The Era of Intense Competition in the Crypto Market: Returning to Real Rise

The current crypto market is experiencing an unprecedented level of internal competition. This is not just the so-called "VC coin" issue, but rather a challenge faced by the entire market. In the absence of external cash inflows, the market has formed a pyramid-like class structure, where the profits of each level come from the exploitation of the lower levels, leading to an increasing degree of internal competition.

The root of this round of market decline lies in the excessive investment and unreasonable valuations in the primary market during the previous cycle. Many projects and VCs that should have been eliminated have survived and appeared in the secondary market with unreasonable valuations. However, VCs are just one of the weaker parties in this great survival game, and there are more high-level participants in the market.

In this context, the mortality rate of projects and tokens will rise significantly. The past top-down "technology theory", "background determinism" and "narrativism" are no longer sufficient conditions, but merely necessary conditions. The only thing the market believes in is real growth - genuine user growth, revenue growth, and adoption growth.

For project parties, there are a few key points worth paying attention to:

1. Emphasize organic growth. The salary of an excellent CMO should not be lower than that of a CTO, with 70% of the time spent on strategic thinking rather than simple data accumulation.

2. Reassessing KOL collaboration. High-quality KOLs can provide value far beyond the market and brand levels, and founders should engage in in-depth one-on-one communication with important KOLs.

3. List protocol revenue as the highest priority rise metric. A sustainable business model and revenue are the true sources of growth.

4. Build a real economic model. This includes achieving sustainable protocol revenue, matching tokens with project cycles, viewing incentives as investment behavior, and addressing the class solidification issue of chip structure.

In this era of intense competition, only by returning to real growth can projects overcome difficulties and achieve long-term sustainable development. This requires the joint efforts of project parties, investors, and the community.