隨著偽造於去年12月9日達到歷史最高水平，市場進入了混亂階段

得出結論是否已經到來還為時過早，但普遍的情緒是，賺錢不再像以前那麼容易。

As the counterfeit reached an all-time high on December 9 last year, the market entered a chaotic phase, with AI agents soaring and presidents issuing tokens, crazily draining resources. Ultimately, today the crypto market has returned to the starting point before the November trend, prompting newly entered Gen Z players to ask: Did the bull market end just as it began?

隨著偽造於去年12月9日達到歷史最高的高度，市場進入了混亂階段，AI代理商飆升和總統發行令牌，瘋狂地排出的資源。最終，今天的加密貨幣市場已經恢復了11月趨勢之前的起點，促使新世代球員問：牛市開始時牛市是否終結？

It is still too early to conclude whether a bear market has arrived, but the general sentiment is that making money is no longer as easy as it once was. At the recent Hong Kong Consensus Conference, a strange phenomenon emerged where everyone became an agency. Remember the Web3 conference two years ago, where VC managers chased after projects, and good founders had no trouble securing funding, with VCs boasting a DPI of over 5?

得出結論是否已經到來還為時過早，但普遍的情緒是，賺錢不再像以前那麼容易。在最近的香港共識會議上，一個奇怪的現像出現了，每個人都成為代理機構。還記得兩年前的Web3會議，VC經理追逐項目，好的創始人毫不費力地獲得資金，VCS擁有超過5的DPI？

Essentially, both VCs and agencies are intermediaries, profiting from information arbitrage. VCs' backers are LPs, seeking to invest in promising early-stage projects at low valuations and aiming for exits in the future; agencies' backers are projects, looking for KOLs and communities that can bring buying power to dump tokens at prices far exceeding VC costs to retail investors. Practitioners have shifted from the upstream of the funding chain to the downstream, indicating that the industry is facing a funding shortage. Why is that?

從本質上講，VC和機構都是中介機構，從信息套利中獲利。 VCS的支持者是LP，試圖投資於低估的有希望的早期項目，並旨在將來退出；代理商的支持者是項目，正在尋找可以將購買力帶來以價格傾倒代幣的KOL和社區，遠遠超過了零售投資者的風險投資成本。從業者已經從資金鍊的上游轉移到下游，表明該行業面臨資金短缺。這是為什麼？

This round of VC tokens has been criticized for their "high FDV, low circulation" characteristics, leading retail investors to stop buying and turn to meme coins instead. As a result, project teams are unable to stabilize token prices after TGE, resulting in a continuous decline until reaching zero, even top-tier projects like Starknet and Arbitrum are unable to avoid this fate. Moreover, VCs, due to the need for long-term lock-ups, may find that by the time their tokens are unlocked, the prices have fallen below their cost, resulting in losses. Consequently, some VCs may sell their locked tokens at discounted prices OTC to other buyers or directly short the continuously declining tokens.

這一輪VC令牌因其“高FDV，低流通”特徵而受到批評，導致散戶投資者停止購買並轉向Meme Coins。結果，項目團隊在TGE之後無法穩定代幣價格，導致持續下降，直到達到零，即使是諸如Starknet和Outum之類的頂級項目也無法避免這種命運。此外，由於需要長期鎖定，風險投資人可能會發現，到其令牌解鎖時，價格已經低於其成本，從而導致損失。因此，一些風險投資人可能會以折扣價將其鎖定令牌出售給其他買家，或直接縮短該令牌的不斷下降。

For project teams, i.e., VC tokens, they need to pay substantial listing fees and token chips to exchanges when listing, leaving them with insufficient funds to absorb selling pressure from yield farmers and exchanges, causing token prices to peak right at launch. Given that GIG DAO has collaborated with many project teams, we have deeply felt the helplessness of founders in this round: token prices are unrelated to products; doing business is less effective than market-making.

對於項目團隊，即VC代幣，他們需要在上市時支付大量上市費用和匯票進行交流，這使他們沒有足夠的資金來吸收來自收益的農民和交易所的銷售壓力，從而使代幣價格在發射時使股票價格達到高峰。鑑於Dig Dao與許多項目團隊合作，我們深深地感受到了創始人在本輪上的無助：代幣價格與產品無關；開展業務不如營銷效率。

So, since neither VCs nor project teams are making money, and retail investors are also the ones buying in, what are the few ecological niches currently making money?

因此，由於風投和項目團隊都沒有賺錢，而且零售投資者也是購買的人，所以目前為了賺錢的少數生態利基市場是什麼？

Recently hacked Bybit has also successfully entered the ranks of top exchanges. Since its founder Ben comes from a quantitative trading background, Bybit's contract experience is considered one of the best among major exchanges. Additionally, due to its early internationalization strategy, the proportion of Chinese users is not high, giving it a differentiated advantage over OKX. It is well-known that contracts are the main source of revenue for exchanges, and the recent theft of $1.5 billion is roughly equivalent to Bybit's profit last year (note: not revenue), highlighting how profitable it is.

最近，黑客入侵的拜比特（Bybit）也成功地進入了頂級交流的行列。由於其創始人Ben來自定量交易背景，因此BYBIT的合同經驗被認為是主要交易所中最好的合同經驗之一。此外，由於其早期的國際化戰略，中國用戶的比例不高，因此比OKX具有差異化的優勢。眾所周知，合同是交易所的主要收入來源，最近盜竊15億美元大致相當於去年Bybit的利潤（注意：不收入），強調了它的盈利程度。

Thus, the security company sector has emerged, including audit firms (serving project teams by auditing contracts before launch), anti-money laundering companies (serving institutions to prevent tainted funds), and security tools (serving retail investors to prevent phishing).

因此，安全公司已經出現了，包括審計公司（在啟動前通過審計合同為項目團隊提供服務），反洗錢公司（服務機構以防止污染資金）和安全工具（為零售投資者提供服務以防止網絡釣魚）。

Service Providers: Their main profit models are acting as intermediaries to earn price differences or providing specialized services. Here we can further categorize the main participants as follows:

服務提供商：他們的主要利潤模型是贏得價格差異或提供專業服務的中介機構。在這裡，我們可以進一步對主要參與者進行分類：如下：

FA: Capital intermediaries, including those who help project teams with financing, listings, and OTC token sales. This demand is generally present in VC tokens, and many top-tier projects we see are packaged this way.

FA：資本中介機構，包括那些幫助項目團隊進行融資，上市和OTC代幣銷售的人。這種需求通常存在於VC代幣中，並且我們看到的許多頂級項目都是這樣包裝的。

Agency: Marketing intermediaries that provide KOL and community placements for project teams. As a retail investor, when you see various KOLs fervently promoting a project over a period, you should realize that this might be a paid promotion by the project team.

代理：營銷中介機構為項目團隊提供KOL和社區安置。作為一名散戶投資者，當您看到各種各樣的KOL在一段時間內熱烈促進項目時，您應該意識到，這可能是項目團隊的付費晉升。

Studios: While project teams seek KOL marketing, they also need to find guilds and studios with a broad base in Asia, Africa, and Latin America to "beautify" the data, which is also the current positioning of GIG DAO.

Studios：儘管項目團隊尋求KOL營銷，但他們還需要在亞洲，非洲和拉丁美洲找到具有廣泛基礎的公會和工作室，以“美化”數據，這也是Gig Dao的當前定位。

Media: Possessing authority and extensive dissemination channels (such as apps, communities, etc.), this round primarily profits through submission fees. Some media outlets maintain integrity and will not publish projects with obvious scam attributes, even if paid.

媒體：擁有權威和廣泛的傳播渠道（例如應用程序，社區等），這一輪主要通過提交費來獲利。一些媒體保持誠信，即使付款也不會發布具有明顯的騙局屬性的項目。

Custodians/Asset Management Institutions: Mainly serve high-net-worth clients or funds, focusing on compliance and security. However, the threshold for obtaining licenses is high, making it inaccessible for ordinary entrepreneurs.

保管人/資產管理機構：主要為高淨值客戶或資金服務，重點是合規性和安全性。但是，獲得許可的門檻很高，因此對於普通企業家而言，它無法獲得。

Market Makers: Also considered a type of service provider, but due to their unique industry position, they need to be discussed separately. Currently, market makers are divided into compliant market makers and so-called "whales."

做市商：也被認為是一種服務提供商，但由於其獨特的行業地位，需要單獨討論它們。目前，做市商分為合規的做市商和所謂的“鯨魚”。

Compliant Market Makers: Well-known market makers like Wintermute, Amber, GSR, and

合規的做市商：像Wintermute，Amber，GSR和