The crypto industry is terminally ill and needs to embark on a new on-chain narrative driven by technological innovation.

Author: Haotian; Source: X, @tmel0211

After several days of intense work preaching on the x402 track, I woke up and looked around, and the sky had fallen! Okay, I just have to get this off my chest:

1) The market is undoubtedly in a bear market. Since Trump, market liquidity has been almost completely drained, and all subsequent mini-booms have been driven by sentiment.

2) Altcoins have been heavily indebted since TGE. There are no more holders who held onto their beliefs, no more contributors who dedicated themselves wholeheartedly, no more airdrop hunters, no more VCs eager to exit, no more CEXs taking a cut, and no more project teams that have invested for years hoping to make a quick buck. They all want to exit, so who will be the suckers?

3) MEME was once seen as the savior of the altcoin market. It achieved its mission, becoming an alternative for retail investors against high FDV VC coins. However, MEME's zero technical threshold and the illusion of a fair launch, along with its assembly-line mass replication, could not become a long-term value capture channel. As it turns out, without the complementary narrative of technological innovation from 0 to 1 like VC coins, MEME's success was merely a depletion of existing PVP reserves, ultimately leading to systemic erosion of the industry.

4) CEXs have always absorbed the spillover of on-chain innovation and amplified liquidity. However, the emergence of innovations and wealth-creating effects like Pumpfun, GMGN, and Hyperliquid made exchanges feel the crisis and initiate "internal marketization" projects to save themselves.