随着伪造于去年12月9日达到历史最高水平，市场进入了混乱阶段

得出结论是否已经到来还为时过早，但普遍的情绪是，赚钱不再像以前那么容易。

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?

随着伪造于去年12月9日达到历史最高的高度，市场进入了混乱阶段，AI代理商飙升和总统发行令牌，疯狂地排出的资源。最终，今天的加密货币市场已经恢复了11月趋势之前的起点，促使新世代球员问：牛市开始时牛市是否终结？

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?

得出结论是否已经到来还为时过早，但普遍的情绪是，赚钱不再像以前那么容易。在最近的香港共识会议上，一个奇怪的现象出现了，每个人都成为代理机构。还记得两年前的Web3会议，VC经理追逐项目，好的创始人毫不费力地获得资金，VCS拥有超过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?

从本质上讲，VC和机构都是中介机构，从信息套利中获利。 VCS的支持者是LP，试图投资于低估的有希望的早期项目，并旨在将来退出；代理商的支持者是项目，正在寻找可以将购买力带来以价格倾倒代币的KOL和社区，远远超过了零售投资者的风险投资成本。从业者已经从资金链的上游转移到下游，表明该行业面临资金短缺。这是为什么？

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.

这一轮VC令牌因其“高FDV，低流通”特征而受到批评，导致散户投资者停止购买并转向Meme Coins。结果，项目团队在TGE之后无法稳定代币价格，导致持续下降，直到达到零，即使是诸如Starknet和Outum之类的顶级项目也无法避免这种命运。此外，由于需要长期锁定，风险投资人可能会发现，到其令牌解锁时，价格已经低于其成本，从而导致损失。因此，一些风险投资人可能会以折扣价将其锁定令牌出售给其他买家，或直接缩短该令牌的不断下降。

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.

对于项目团队，即VC代币，他们需要在上市时支付大量上市费用和汇票进行交流，这使他们没有足够的资金来吸收来自收益的农民和交易所的销售压力，从而使代币价格在发射时使股票价格达到高峰。鉴于Dig Dao与许多项目团队合作，我们深深地感受到了创始人在本轮上的无助：代币价格与产品无关；开展业务不如营销效率。

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，由于风投和项目团队都没有赚钱，而且零售投资者也是购买的人，所以目前为了赚钱的少数生态利基市场是什么？

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）也成功地进入了顶级交流的行列。由于其创始人Ben来自定量交易背景，因此BYBIT的合同经验被认为是主要交易所中最好的合同经验之一。此外，由于其早期的国际化战略，中国用户的比例不高，因此比OKX具有差异化的优势。众所周知，合同是交易所的主要收入来源，最近盗窃15亿美元大致相当于去年Bybit的利润（注意：不收入），强调了它的盈利程度。

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，安全公司已经出现了，包括审计公司（在启动前通过审计合同为项目团队提供服务），反洗钱公司（服务机构以防止污染资金）和安全工具（为零售投资者提供服务以防止网络钓鱼）。

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:

服务提供商：他们的主要利润模型是赢得价格差异或提供专业服务的中介机构。在这里，我们可以进一步对主要参与者进行分类：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：资本中介机构，包括那些帮助项目团队进行融资，上市和OTC代币销售的人。这种需求通常存在于VC代币中，并且我们看到的许多顶级项目都是这样包装的。

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：营销中介机构为项目团队提供KOL和社区安置。作为一名散户投资者，当您看到各种各样的KOL在一段时间内热烈促进项目时，您应该意识到，这可能是项目团队的付费晋升。

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：尽管项目团队寻求KOL营销，但他们还需要在亚洲，非洲和拉丁美洲找到具有广泛基础的公会和工作室，以“美化”数据，这也是Gig Dao的当前定位。

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.

媒体：拥有权威和广泛的传播渠道（例如应用程序，社区等），这一轮主要通过提交费来获利。一些媒体保持诚信，即使付款也不会发布具有明显的骗局属性的项目。

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/资产管理机构：主要为高净值客户或资金服务，重点是合规性和安全性。但是，获得许可的门槛很高，因此对于普通企业家而言，它无法获得。

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：也被认为是一种服务提供商，但由于其独特的行业地位，需要单独讨论它们。目前，做市商分为合规的做市商和所谓的“鲸鱼”。

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

合规的做市商：像Wintermute，Amber，GSR和