零售投資者最近有些煩惱

首先，雷德斯通（Redstone）有很多曲折，最後散戶投資者未能阻止它。 Redstone仍被列入二元。然後，全科醫生拉出胡蘿蔔，拿出泥土。

Retail investors have been a bit annoyed recently. First, RedStone had many twists and turns, and finally the retail investors failed to block it.

零售投資者最近有些煩惱。首先，雷德斯通（Redstone）有很多曲折，最後散戶投資者未能阻止它。

CoinDesk is pleased to announce the launch of a new research product, "Insiders," which will provide exclusive insights into the critical trends and events shaping the cryptocurrency industry.

Coindesk很高興地宣布推出了新的研究產品“ Insiders”，該產品將為塑造加密貨幣行業的關鍵趨勢和事件提供獨家見解。

As the industry's leading news and information portal, CoinDesk is uniquely positioned to offer a unique perspective on the market, with a team of experienced journalists and researchers providing around-the-clock coverage.

作為行業領先的新聞和信息門戶網站，Coindesk的獨特位置可以在市場上提供獨特的觀點，其中一支經驗豐富的記者和研究人員提供了全天候的覆蓋範圍。

"Insiders" will deliver a deep dive into the most pressing issues facing the industry, with a focus on providing readers with the context and analysis they need to make informed decisions.

“內部人士”將深入研究該行業面臨的最緊迫的問題，重點是為讀者提供他們做出明智決定所需的背景和分析。

The researchers at ChainPulse have discovered that the market makers are being pushed to the forefront by Binance, and its own industry barriers are rapidly collapsing.

Chainpulse的研究人員發現，做市商正在以義務為中心，其行業障礙正在迅速崩潰。

In Minecraft, RedStone is buried 16 levels underground and needs to be mined before it can be ground. Throughout the gold-digging process, exchanges have become the final destination of tokens by virtue of their absolute flow effect and liquidity. In this process, on the surface, both exchanges and users are happy. Exchanges obtain more currencies to attract users, while users can access new assets and gain potential profits.

在Minecraft中，Redstone被埋葬在地下16個水平，需要在磨碎之前進行開採。在整個挖掘過程中，由於其絕對流動效應和流動性，交流已成為代幣的最終目的地。在此過程中，從表面上看，交流和用戶都很高興。交易所獲得更多貨幣以吸引用戶，而用戶可以訪問新資產並獲得潛在的利潤。

On this basis, the enabling value of platform coins such as BNB/BGB can be added to further consolidate its own industry position. However, since 2021, with the participation of large European and American Crypto VCs, the initial valuation of the entire industry has been too high. Taking the cross-chain bridge industry as an example, based on the last disclosed valuation before the above, LayerZero is valued at US$3 billion, Wormhole is valued at US$2.5 billion, Across Protocol is valued at US$200 million in 2022, and Orbiter is valued at US$200 million. The current FDVs of the four projects are US$1.8 billion, US$950 million, US$230 million, and US$180 million, respectively.

在此基礎上，可以添加諸如BNB/BGB之類的平台硬幣的啟示價值，以進一步鞏固其自己的行業地位。但是，自2021年以來，隨著大型歐洲和美國加密VC的參與，整個行業的最初估值太高了。以跨鏈橋產業為例，基於上述最後披露的估值，LoyeZero的價值為30億美元，蟲洞的價值為25億美元，跨協議的價值在2022年為2億美元，而軌道球的價值為2億美元。這四個項目的當前FDV分別為18億美元，9.5億美元，2.3億美元和1.8億美元。

Every Big Name endorsement effect added to a project actually comes at the expense of retail investors. From the VC coin storm that started in mid-2024 to He Yi's "Girlfriend Coin Storm" AMA in early 2025, the relationship between exchanges and VCs has apparently become unsustainable. VCs' own endorsements and the effects of listing help seem ridiculous amid the Meme carnival. The only remaining role is to provide funds. Driven by the rate of return, token-oriented investment has in fact replaced product-oriented investment.

實際上，每個大牌認可效果實際上是以零售投資者為代價的。從2024年中期開始的VC硬幣風暴到2025年初的“女友Coin Storm” Ama，交流與VCS之間的關係顯然變得不可持續。在模因狂歡節中，VCS自己的認可和列表幫助的效果似乎很荒謬。唯一的角色是提供資金。在回報率的推動下，面向令牌的投資實際上取代了面向產品的投資。

At this point, Crypto VCs are at a loss, Web2 VCs cannot invest in DeepSeek, and Web3 VCs cannot invest in Hyperliquid. An era has officially ended. After the collapse of VC, exchanges only have market makers to act as a shelter for retail investors. Users rush to buy local coins on the chain, and market makers can only be responsible for the market making of a few listed tokens after the internal market of PumpFun runs out and the external market of DEX rushes out. Of course, this article will not delve into the relationship between on-chain business and market makers, and we will focus on the exchange.

在這一點上，加密vcs不知所措，Web2 VCS​​無法投資DeepSeek，Web3 VCS無法投資於超流動。一個時代正式結束。風投倒閉後，交易所只有做市商可以作為散戶投資者的庇護所。用戶急於購買鏈條上的本地硬幣，而做市商只能負責在Pumpfun的內部市場用完之後，Dex的外部市場衝出了幾個列出的令牌。當然，本文將不會深入研究鏈業務與做市商之間的關係，我們將重點關注交流。

At this time, Meme coins are priced as high as VC coins for market makers and exchanges. If value coins have no value, then air coins obviously cannot be fairly priced based on air, and quick absorption and quick selling becomes the common choice of all market makers. When the entire process is swept away by the industry, Binance's one-year speed pass is not the original sin of the market maker. The fact that Binance can be speed-passed is an industry crisis. As the last link in liquidity, Binance can no longer discover truly long-term tokens, and an industry crisis is born.

目前，Meme硬幣的價格與做市商和交流的VC硬幣一樣高。如果價值硬幣沒有價值，那麼空氣硬幣顯然不能根據空氣定價，並且快速吸收和快速銷售成為所有做市商的共同選擇。當整個過程被行業所掃除時，Binance的一年速度通行證並不是做市商的原始罪過。二進制可以迅速解決的事實是行業危機。作為流動性的最後一個聯繫，binance無法再發現真正的長期令牌，並且行業危機誕生了。

Binance can promote RedStone despite its problems this time, and can also bring justice to the market makers, but after that, the industry will not change the existing model, and there will still be high-priced tokens waiting for the listing process.

儘管這次有問題，但Binance仍可以促進Redstone，並且也可以為做市商帶來正義，但是此後，該行業不會改變現有模型，並且仍將有高價的代幣等待上市過程。

Complexity and gigantism mean the end

複雜性和巨大的意思是結局

Ethereum's L2 is increasing, and all dApps will eventually become one chain. Token economics and airdrop schemes are becoming more and more complicated. From BTC as a Gas to ve(3,3), the links between them have long exceeded the understanding ability of ordinary users.

以太坊的L2正在增加，所有Dapps最終都將成為一條鏈。代幣經濟學和空投計劃變得越來越複雜。從BTC作為氣體到VE（3,3），它們之間的鏈接早已超過了普通用戶的理解能力。

Since Sushiswap relied on issuing token airdrops to Uniswap users to occupy the market, airdrops have become an effective means of stimulating early users to buy volume. However, under Nansen’s anti-witch censorship, airdrops have become a reserved program for the battle of wits and courage between professional hair-pulling studios and project parties. The only ones excluded are ordinary users.

由於Sushiswap依靠向單輛用戶發行代幣AirDrops來佔領市場，因此Airdrops已成為刺激早期用戶購買數量的有效手段。但是，在Nansen的反修道審查制度下，Airdrops已成為一項保留的計劃，以進行智慧之戰和專業髮膠工作室與項目派對之間的勇氣。唯一排除的是普通用戶。

The money-grabbing parties want tokens, the project owners need trading volume, the VCs provide initial funding, the exchanges need new

賺錢的政黨想要代幣，項目所有者需要交易量，風險投資人提供初始資金，交易所需要新的資金