2025-12-28 11:21:57

Understanding the development trajectory of the Crypto ecosystem, in fact, it cannot escape the cycle of three stages.

🔥 **Early Stage: Hot Money Floods In**
This is the most intense period. Most exchanges and ecosystem projects do not strictly control risks, using aggressive incentive policies to boost market enthusiasm. Airdrops, subsidies, high APY—everything is aimed at quickly gathering popularity and focusing market attention on this new track.

Looking at historical cases makes it clear:
· The Layer2 track? OP and Arbitrum are how they went from niche to mainstream
· Perpetual contracts track? Hyperliquid and Aster used aggressive tactics to capture users’ minds

📈 **Mid to Late Stage: Market Cools Down, Competition Begins**
After the hype… (content incomplete, original text ends here)

OP-0.32%

ARB0.31%

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LightningLady

· 7h ago

It's the same cycle again. The airdrop was really a huge profit. I'm still waiting for the next opportunity like OP.

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GateUser-a5fa8bd0

· 7h ago

It's the same old three-piece set again: airdrop subsidies with high returns, and the newbies crying out to be harvested.

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AllInDaddy

· 7h ago

Yeah, same old routine every time. Waiting to see who gets wrecked in the next wave.

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WalletDoomsDay

· 8h ago

It's the same old trick again, airdrop subsidies boosting hype, and in the end, the last ones holding the bag are still the retail investors. --- I also jumped into OP and Arbitrum back then. Thinking back now, I was really tricked and exploited by vampires. --- I'm tired of this cycle. Every time, they say they will change the game rules, but in the end, they just take a profit and walk away. --- Be especially cautious during periods of high APY, really. --- Hyperliquid's aggressive approach was indeed ruthless, but what happened afterward? Everything sank to the bottom. --- So basically, it's still a game of hot potato; whoever ends up holding the bag is doomed. --- Why does every new track have to repeat this vicious cycle? It's really getting annoying.

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