“潮汐：風險投資平台，交易平台和交通瘋狂的敘事 - 從逮捕Yescoin的創始人開始”

最近，Yescoin的創始人被Hat叔叔帶走的事件引起了Twitter的許多嗡嗡聲。

Recently, the incident of Yescoin's founder being taken away by Uncle Hat has stirred up a lot of buzz on Twitter. I remember just a month ago, Zhang Chi was still updating his entrepreneurial reflections on BitClqun, while millions of users had played this Telegram click game last year.

最近，Yescoin的創始人被Hat叔叔帶走的事件引起了Twitter的許多嗡嗡聲。我記得一個月前，張奇仍在更新他對Bitclqun的企業家的思考，而數百萬用戶去年玩了此電報點擊遊戲。

Following my curiosity, I discovered that the disclosed information mentioned "missing the best opportunity to issue coins in May 2024," which inevitably reminded me of the craziness of the TON ecosystem six months ago.

在我的好奇心之後，我發現披露的信息提到“錯過了2024年5月發行硬幣的最佳機會”，這不可避免地使我想起了六個月前噸生態系統的瘋狂。

At that time, VCs and KOLs were shouting, "TON will become the WeChat of Web3," with social media flooded with myths of "click to get rich." Trading platforms scrambled to launch TON ecosystem projects, and retail investors crazily registered Telegram accounts to "grab airdrops" ... Now, Yescoin's predicament serves as a mirror, reflecting the parabolic trajectory of the TON ecosystem from its peak to its decline ...

當時，風投和科爾斯大喊：“ Ton將成為Web3的微信”，社交媒體充斥著“點擊以致富”的神話。交易平台爭先恐後地啟動了噸生態系統項目，零售投資者瘋狂地註冊的電報帳戶來“抓取Airdrops” ...現在，Yescoin的困境可作為鏡子，反映了TON ECOSYSTEM的拋物線軌跡，從其峰值到其峰值到其下降... ... ...

1. The "Fateful Cycle" of Yescoin and TON

1。Yescoin和Ton的“命運週期”

Recently, there has been a lively discussion on Twitter about the incident of Yescoin's founder being taken away by Uncle Hat. I vividly recall that just a month ago, Zhang Chi was diligently updating his entrepreneurial reflections on BitClqun, while millions of users had enthusiastically engaged in playing this Telegram click game last year.

最近，在Twitter上討論了Yescoin的創始人被Hat叔叔帶走的事件。我生動地記得，就一個月前，張奇（Zhang Chi）努力地更新了他對Bitclqun的企業家的思考，而數百萬用戶則熱情地參與了去年的Telegram Click Clice遊戲。

Driven by curiosity, I delved deeper into the matter and discovered that the disclosed information mentioned "missing the best opportunity to issue coins in May 2024," which inevitably brought to mind the exuberance surrounding the TON ecosystem six months ago.

在好奇心的推動下，我深入研究了此事，發現所披露的信息“錯過了2024年5月發行硬幣的最佳機會”，這不可避免地想到了六個月前圍繞噸生態系統的旺盛。

During that time, VCs and KOLs were eagerly promoting TON as the "super application entry point for Web3," setting the stage for market sentiment. In the same period, the TVL on the TON chain experienced a 20-fold increase to reach $600 million in just two months, and user growth outpaced that of Ethereum. VCs had a clear understanding of the logic that "traffic equals valuation." Telegram's billion-user pool was an unreachable "treasure trove" for any public chain.

在此期間，VCS和KOLS急切地促進TON作為“ Web3的超級應用切入點”，為市場情緒奠定了基礎。在同一時期，TON連鎖店的TVL在短短兩個月內增加了20倍，達到6億美元，用戶的增長超過了以太坊的增長。 VC清楚地了解了“流量等於估值”的邏輯。 Telegram的十億用戶池是任何公共連鎖店的無法到達的“寶庫”。

2. The Rise: The "Trio" of VCs, Trading Platforms, and TG

2。上升：風險投資平台和TG的“三重奏”

Early investors like Pantera Capital heavily promoted TON, aiming to create the "super application entry point for Web3" in 2024 and boosting market sentiment.

像Pantera Capital這樣的早期投資者大力推廣了TON，旨在在2024年創建“ Web3的超級應用切入點”並增強市場情緒。

The TVL on the TON chain rose 20 times to $600 million in two months, and user growth outpaced Ethereum's. VCs understood the logic that "traffic equals valuation." No public chain could match Telegram's billion-user pool, which was a "treasure trove" for any VC.

兩個月內，TON連鎖店的TVL上漲了20次，至6億美元，用戶增長超過以太坊的。風投了解“流量等於估值”的邏輯。沒有公共連鎖店可以匹配Telegram的十億用戶池，這是任何風險投資的“寶庫”。

Binance, OKX, and other trading platforms quickly sensed the opportunity and rushed to launch TON ecosystem projects. Mini-games like Notcoin and Catizen rapidly gained popularity due to "zero threshold + social fission." Notcoin boasted over 35 million users, and Catizen attracted 20 million users in two months, achieving a billion-dollar market cap upon launch.

Binance，OKX和其他交易平台迅速感受到了機會，並急於啟動TON生態系統項目。 Notcoin和Catizen等迷你游戲由於“零閾值 +社會裂變”而迅速獲得了知名度。 Notcoin擁有超過3500萬用戶，Catizen在兩個月內吸引了2000萬用戶，在推出時達到了十億美元的市值。

The influx of Telegram users into trading platforms resembled the "Pinduoduo-style fission" of the Web2 era, and what trading platforms needed was this "data growth" narrative for their financial reports.

電報用戶進入交易平台的湧入類似於Web2時代的“ pinduoduo式裂變”，以及所需的交易平台是其財務報告的“數據增長”敘述。

Telegram founder Durov has publicly supported TON multiple times, launching the embedded wallet TON Space to create a closed loop of "communication + payment + gaming." Tether issued stablecoins on the TON chain, and the official launched a $5 million developer incentive program, each step pointing to the ambition of transforming Telegram's social empire into a crypto economy.

Telegram創始人Durov多次公開支持TON，推出了嵌入式的錢包噸空間，以創建“ Communication + Payment + Gaming”的閉環。 Tether在Ton Chain上發布了Stablecoins，該官員發起了一項耗資500萬美元的開發人員激勵計劃，每一步都指向將Telegram的社會帝國轉變為加密經濟的野心。

It was this collusion of the three that propelled the prosperity of the TON ecosystem.

正是這三個的勾結推動了噸生態系統的繁榮。

Early participants who encountered projects like Notcoin and Dogs could easily earn $30 per account. This wave also allowed a group of cross-border e-commerce operators to profit immensely from trading Telegram accounts, with some earning millions in a single night, which was quite a shock for me at the time: So this is what airdrops in the TON ecosystem look like?

遇到Notcoin和Dogs這樣的項目的早期參與者可以輕鬆地每個帳戶賺取30美元。這浪還使一組跨境電子商務運營商從交易電報帳戶中獲得了極大的利潤，其中一些在一個晚上賺了數百萬美元，這對我當時的震驚感到震驚：所以這就是噸生態系統中的氣水嗎？

After Notcoin and Dogs were launched on Binance, the grand drama finally reached its climax ------ Binance eventually listed TON, with the highest coin price soaring to $8, followed closely by the launches of star projects like Catizen and Hmster.

在Binance上推出了Notcoin和Dogs之後，這部大戲最終達到了高潮------- Binance最終列出了Ton，硬幣價格最高飆升至8美元，然後緊隨其後的是Catizen和Hmster等明星項目的推出。

However, as a deep participant in the TON ecosystem, I also realized a significant issue: the value of airdrops began to rapidly diminish after TON was listed on Binance, and it was at this moment that I started shorting TON ecosystem tokens. Looking back, this was an incredibly correct decision.

但是，作為TON生態系統的深入參與者，我也意識到了一個重大問題：在Binance上列出了TON後，氣水的價值開始迅速減少，而這一刻，我開始短暫的噸生態系統令牌。回顧過去，這是一個非常正確的決定。

3. The Decline: Value Collapse After Traffic Exhaustion

3。下降：交通耗儘後的價值崩潰

By the later stages of the TON ecosystem, project parties and trading platforms jointly promoted the "TON Ecosystem Month," with gameplay still revolving around signing in, recruiting, and consuming gas.

在TON生態系統的後期，項目派對和交易平台共同促進了“ Ton Ecosystem月份”，遊戲玩法仍在圍繞簽署，招募和消費汽油旋轉。

Trading platforms gradually woke up: the so-called "billion-user pool" had a conversion rate of less than 1%, and most people

交易平台逐漸醒來：所謂的“十億用戶”的轉換率不到1％，大多數人