#预测市场活动 After reviewing the 2025 market recap, the most heartbreaking statement is: "TGE has become a selling point for early participants and teams rather than value creation." This is the harsh truth about us old韭菜 being cut.

Do you remember those projects that loudly claimed "Airdrop is coming"? As soon as TGE launched, they dumped the price, teams quickly unlocked, retail investors bought the dip. I've seen too many套路 like this—high FDV, zero revenue, projects sustained by memes and FOMO, ending up with nothing. Liquidity has been drained by these trash projects, while those truly building have no voice.

But seeing projects like Hyperliquid and Pendle, with real revenue and value flow mechanisms, survive, I feel somewhat relieved. The bubble burst is actually a purification; projects that坚持真实采用 and generate real收益 can last longer.

In 2026, the market forecast, stablecoin payments, and mobile applications will rise. But here's my advice: don't chase projects with high FDV and no revenue. Look for projects with real users, monthly income, and value distribution mechanisms—these are what matter. A protocol with monthly revenue of millions of dollars is more valuable than a fancy narrative. To survive on-chain long-term, you must learn to see through the true blood flow of projects.