“潮汐：风险投资平台，交易平台和交通疯狂的叙事 - 从逮捕Yescoin的创始人开始”

最近，Yescoin的创始人被Hat叔叔带走的事件引起了Twitter的许多嗡嗡声。

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的创始人被Hat叔叔带走的事件引起了Twitter的许多嗡嗡声。我记得一个月前，张奇仍在更新他对Bitclqun的企业家的思考，而数百万用户去年玩了此电报点击游戏。

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.

在我的好奇心之后，我发现披露的信息提到“错过了2024年5月发行硬币的最佳机会”，这不可避免地使我想起了六个月前吨生态系统的疯狂。

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 ...

当时，风投和科尔斯大喊：“ Ton将成为Web3的微信”，社交媒体充斥着“点击以致富”的神话。交易平台争先恐后地启动了吨生态系统项目，零售投资者疯狂地注册的电报帐户来“抓取Airdrops” ...现在，Yescoin的困境可作为镜子，反映了TON ECOSYSTEM的抛物线轨迹，从其峰值到其峰值到其下降... ... ...

1. The "Fateful Cycle" of Yescoin and TON

1。Yescoin和Ton的“命运周期”

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上讨论了Yescoin的创始人被Hat叔叔带走的事件。我生动地记得，就一个月前，张奇（Zhang Chi）努力地更新了他对Bitclqun的企业家的思考，而数百万用户则热情地参与了去年的Telegram Click Clice游戏。

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.

在好奇心的推动下，我深入研究了此事，发现所披露的信息“错过了2024年5月发行硬币的最佳机会”，这不可避免地想到了六个月前围绕吨生态系统的旺盛。

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.

在此期间，VCS和KOLS急切地促进TON作为“ Web3的超级应用切入点”，为市场情绪奠定了基础。在同一时期，TON连锁店的TVL在短短两个月内增加了20倍，达到6亿美元，用户的增长超过了以太坊的增长。 VC清楚地了解了“流量等于估值”的逻辑。 Telegram的十亿用户池是任何公共连锁店的无法到达的“宝库”。

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

2。上升：风险投资平台和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这样的早期投资者大力推广了TON，旨在在2024年创建“ Web3的超级应用切入点”并增强市场情绪。

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.

两个月内，TON连锁店的TVL上涨了20次，至6亿美元，用户增长超过以太坊的。风投了解“流量等于估值”的逻辑。没有公共连锁店可以匹配Telegram的十亿用户池，这是任何风险投资的“宝库”。

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机会，并急于启动TON生态系统项目。 Notcoin和Catizen等迷你游戏由于“零阈值 +社会裂变”而迅速获得了知名度。 Notcoin拥有超过3500万用户，Catizen在两个月内吸引了2000万用户，在推出时达到了十亿美元的市值。

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.

电报用户进入交易平台的涌入类似于Web2时代的“ pinduoduo式裂变”，以及所需的交易平台是其财务报告的“数据增长”叙述。

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创始人Durov多次公开支持TON，推出了嵌入式的钱包吨空间，以创建“ Communication + Payment + Gaming”的闭环。 Tether在Ton Chain上发布了Stablecoins，该官员发起了一项耗资500万美元的开发人员激励计划，每一步都指向将Telegram的社会帝国转变为加密经济的野心。

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

正是这三个的勾结推动了吨生态系统的繁荣。

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这样的项目的早期参与者可以轻松地每个帐户赚取30美元。这浪还使一组跨境电子商务运营商从交易电报帐户中获得了极大的利润，其中一些在一个晚上赚了数百万美元，这对我当时的震惊感到震惊：所以这就是吨生态系统中的气水吗？

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之后，这部大戏最终达到了高潮------- Binance最终列出了Ton，硬币价格最高飙升至8美元，然后紧随其后的是Catizen和Hmster等明星项目的推出。

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，作为TON生态系统的深入参与者，我也意识到了一个重大问题：在Binance上列出了TON后，气水的价值开始迅速减少，而这一刻，我开始短暂的吨生态系统令牌。回顾过去，这是一个非常正确的决定。

3. The Decline: Value Collapse After Traffic Exhaustion

3。下降：交通耗尽后的价值崩溃

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生态系统的后期，项目派对和交易平台共同促进了“ Ton Ecosystem月份”，游戏玩法仍在围绕签署，招募和消费汽油旋转。

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

交易平台逐渐醒来：所谓的“十亿用户”的转换率不到1％，大多数人