In the upper Crypto, the man on the lower track follows the Shanghai block chain

It's "The Gone Him" in the circle。

Written by: Zhou Zhou, Foresight News

After almost 10 countries in the second half of the year, I returned to Shanghai to participate in Shanghai International Block Chain Week。

In these two weeks, I have seen a China that has been demanding in its down-swing economic cycle, and a Crypto world that is still lost in its top cycle. Of course, their state of affairs is not completely fixed, and they all seem to be in a state of uncertainty。

Although almost every Chinese feels a little cooler, some industries have flourished, as I have seen in South-East Asian countries such as Singapore and South Korea and Malaysia, where many foreign friends use little red books, while the payment of treasures and micro-letters is spread across the streets of South-East Asian countries, where products from high-tech high-tech manufacturing, such as Daeji, Huacheng and Biadi, are already prevalent in various parts of the world, such as the United States, Europe, and the Middle East, where they attack the cities a little bit internationally, killing the Quartet, and flourishing。

In the Crypto industry, while the United States Government continues to support encrypted currency in all its aspects, and in all major countries and regions around the world, regulatory stabilization currency has been supported, but in many subdivisions, many of the downside track operators are already chilling。

In the last two weeks, I've seen a lot of good old and new encrypted friends, but when one person is there, I'm also thinking about those friends in the encryption ring who used to join the meeting, walk together and eat the durian in a foreign country, many of whom are missing。They're on top, Crypto, in the industry, down the trackI don't know。

He disappeared

International Week of the Shanghai Block Chains, Token 2049, Token 2049, Token 2049, Iron Strike, Hong Kong Finance Technology Week, Ether House DevConnect...A close friend of the water-flowing encryption ring。

Over the last three years, too many friends who knew left the industry。

A few days ago, an article called "The Circle VC, Almost Gone" sparked a lot of deep-seated debate. But, uh, there's only Crypto VC in the ring. The incubator is gone. The old Builder DAO, SeeDAO were well known in the circle, and I had a very good relationship with most of the founders of these institutions, remembering the days of their hiking and gathering. But once I remember, most of the players on this track have disappeared, and they have disappeared。

Even in the case of bodies that have not disappeared, asking about many well-known VCs, many spend only two or three projects a year, less than team personnel. And two years ago, the strong Chinese-speaking Crypto Incubator now almost all died。

IN ADDITION TO VC AND INCUBATORS, MANY OF THE COMMON CHAIN ECOSYSTEMS ARE ALREADY KNOWN TO EXISTI don't know. A senior developer of the ecology of a long-term deep-tilled community, Lan, said: "In addition to Ethera, Solana, and Sui, continuing to spend money to support developers, most other ecosystems have no long-term intentions and are reluctant to work on supporting developers. I am not sure。

"What is the future of this industry without a long and hard-working team?" Lan says。

MANY OF THE CHAINS USED TO BE HOT, LIKE POCAH, TON, BUT IT SEEMED TO BE A BUBBLE. SEVERAL TON ECO-ENTREPRENEURS AND I HAVE SAID THAT TON'S ECOLOGICAL INFIGHTING HAS BEEN SEVERE FOR MORE THAN SIX MONTHS, SERIOUSLY AFFECTING THE CONTINUED DEVELOPMENT OF ECO-ENTREPRENEURS, WHILE PUBLIC CHAINS SUCH AS POCÁ DO NOT INTRODUCE OR INTRODUCE NEW START-UP TEAMS, AND THE TENS OF MILLIONS OF DOLLARS OF MARKETING COSTS DO NOT COME TO PASS. THESE ARE NOT EXAMPLES, BUT ARE COMMON. HUNDREDS OF PUBLIC CHAINS WERE BORN, AND EVERY ONE OF THEM HAD MANY START-UPS, MOST OF THEM DISAPPEARING SILENTLY。

In the economically viable Crypto industry, there are still a lot of economic tracks in which people disappear, often in batches。

It's hot inside and hot outside

The Cripto industry has so far evolved into an extremely complex system。

There are money rings, mining rings, chains, compliance circles; there are CEX, DEX, DeFi, NFT, chains, stabilization coins, AI Agent, meme; there are Etherma ecology, Solana ecology, Base ecology, Sui ecology, Ton ecology, BTCFi ecology...The resources are limited, the narratives are unlimited, and it's hard for everyone to satisfy a system so largeI don't know。

So, we can often see that for a period of time, there's an infinity of those who work in a segmented circle, and for a period of time there's a lot of dirt. In Hong Kong, for example, when policies are good and good, practitioners are confident, and when policies are tight and profits narrow, many are worried。

But there's always enthusiasm for those outside who just want to get into the encryption ring. Some traditional Chinese institutions, attracted by encrypted narratives and Hong Kong’s open encryption policy, consider encrypted currency to be a future and a business gain, which seems to give unlimited imagination to companies in traditional industries that already have little increase to open up。

However, it is only those who have worked in circles for many years that know how many pits this industry has to cross before it becomes a real entry point。

There are too many bubbles in this industry, and the number of companies and people who can survive for a long time is low. Who's the Evergreen Tree in this business? How exactly do we survive and build in this industry for the long term? What is it, foam? When the bubble is broken, what's left of it? This is a question for every firm and individual that has just entered the encryption industry。

There is no absolute security, even an encrypted currency compliance exchange, such as HashKey and OSL, which has acquired a license, has struggled to survive with little profit, and no one can guarantee that they will survive the next cycle, even with a 50 per cent probability. No one can guarantee that the most innovative companies in this cycle, such as Hyperliquid and Polymarket, will survive the winter。

In the Crypto industry, there has not been a permanent economic ecology. The upper trackers often fall into the lower track in an instant。

Crypto, still an extremely fast industry

With the support of the United States Government, the cycle of Crypto has moved away from a childish, disorderly childhood and into a high-frequency "youth age"。

DEAD COMPANIES, DISAPPEARING INTO THE SEA; LIVING COMPANIES, ENTERING THE HIGH FREQUENCY ITERATIVE ERA. WHAT MAKES ME FEEL IS THAT, IF THE BIGGEST CHANGE IN THE PAST YEAR WAS IN THE ENCRYPTION COMPLIANCE INDUSTRY, ESPECIALLY IN THE UNITED STATES' BITCOIN SPOT, ETF, AND HONG KONG’S COMPLIANCE ENCRYPTED CURRENCY EXCHANGE, THE BIGGEST CHANGE-MAKING MONEY EXCHANGE THIS YEAR。

The world's major encrypted currency exchanges are actively seeking change. In their very large volume, they are still, at a very fast pace, becoming a "semi-centre de-centre" encrypted currency exchange. Under the challenges of go-to-centre exchange challenges such as Phantom and Hyperliquid, they quickly overlap, OKX Wallet, Currency Alpha, Bitget UEX, Kraken ' s non-listed company stock monetization, Coinbase ' s chain of everything, and the recent Perp DEX wave, when a new trend emerges, large encrypted currency exchanges can turn the ship around very quickly。

Crypto is too big to replace even half the encryption industry, even as the most profitable exchange in the market. But we can see clearly how the rotational and evolutionary processes of Crypto's main tracks are occurring quickly。

Over the past three years, the evolution of major public chains, the evolution of major encrypted compliance exchanges, the evolution of major non-compliance exchanges, and the evolution of money-stabilizing companies in major countries have shown that Cripto, although one foot into the mainstream, is still at an extremely rapid iterative pace。

"Choosely chosen, long, very frequent. Perhaps only such a group of encryption agencies and individuals can survive in a rapidly changing encryption industry。