In an era without regulation, self-regulation is needed to ensure a source of vitality.

Author: Jocy, Partner at IOSG Ventures; Source: @jocyiosg

Binance Life, Ouyi Life flooded Twitter with countless stories of wealth creation, fueling the passion of community users and pushing the industry into a quick-money-money cycle.

Alpha's success stems from the fact that less than 10% of the 326 projects launched, only 32, actually achieved spot status. This means that 90% of the projects launched on Alpha that year ultimately became platform fuel. In unregulated industries, exchanges hold strong influence and hold a high degree of dominance. Project failures often seem unrelated to exchanges. However, if platforms in unregulated industries fail to better regulate themselves, they can effectively impose a severe impact on the entire industry. Liquidity success and failure occur in an instant, and wealth creation stories emerge and fall quickly. Hyperliquid has achieved tremendous success leveraging the concept of on-chain Binance, and Aster has captured market share on PerpDex by recreating trading volume. It seems the entire industry is moving towards decentralization and a more promising future. However, in reality, futures and derivatives have long been the most profitable tools for exchanges in this industry. Countless exchanges have employed various methods to get users to use their Perp products. However, futures and derivatives are essentially a zero-sum game. Retail investors can leverage tens to hundreds of times their profits and losses in this market. Consequently, the aggressive subsidies offered by powerhouses like Hyperliquid and Aster have encouraged users who previously had no experience with derivatives and futures to get started. With the help of airdrops, a large number of people who have never traded leveraged have rushed into the market. Even if the final user conversion rate is only 10%, these users are likely to become addicted to futures gambling in the next six months. PerpDex is excellent, but excessive incentives and intervention to encourage more people to become futures gamblers have lost their original purpose and are prone to backfire in the future. What values ​​should be prioritized in the crypto industry, especially in the competition and competition among exchanges? Many exchanges control liquidity and platform traffic, so creating meme-driven wealth creation myths can better position them for leadership and attract countless people. Competition is inherently fierce, but in an unregulated industry, should industry leaders seriously rethink the type of racing mechanism they should establish for the industry and the direction of retail investment? As crypto practitioners, we've witnessed the rise and fall of bubbles over the past few cycles, as well as the maturity of DeFi, stablecoins, and infrastructure. If leading players can find ways to capitalize on long-term value propositions and do more difficult, yet correct, and long-term things, they will be remembered by countless industry practitioners years from now as driving forces and individuals. During the Trump administration, the crypto industry has seen countless positive developments and unlimited regulatory laxity. However, this unregulated era demands even greater industry responsibility from top entrepreneurs, helping the industry achieve further breakthroughs during this cycle, attracting even more powerful entrepreneurs, and enabling the emergence of countless companies like ByteDance and Pinduoduo. I urge exchanges to exercise greater restraint in their internal project innovation and traffic liquidity, and to ask themselves more frequently: Will the value of what they're doing still be in the industry three to five years from now? The best entrepreneurs often focus on more than just the present; together, they are creating a broader future for the crypto industry. Tips: Of course, it's hard for many people to resist such an overwhelming opportunity to make money, and countless myths of getting rich quickly make everyone yearn for it. But please remember the three principles of investment: preserve your immortality, try to participate as little as possible and lose as little money as possible among countless opportunities, and make big bets and earn big money in your own professional field or area of ​​expertise (Inspired by a conversation with a wizard in Singapore)