Retail investors have been a bit annoyed recently

First, RedStone had many twists and turns, and finally the retail investors failed to block it. RedStone was still listed on Binance. Then GPS pulled out the carrot and brought out the mud.

Retail investors have been a bit annoyed recently. First, RedStone had many twists and turns, and finally the retail investors failed to block it.

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"Insiders" will deliver a deep dive into the most pressing issues facing the industry, with a focus on providing readers with the context and analysis they need to make informed decisions.

"Insiders" will deliver a deep dive into the most pressing issues facing the industry, with a focus on providing readers with the context and analysis they need to make informed decisions.

The researchers at ChainPulse have discovered that the market makers are being pushed to the forefront by Binance, and its own industry barriers are rapidly collapsing.

In Minecraft, RedStone is buried 16 levels underground and needs to be mined before it can be ground. Throughout the gold-digging process, exchanges have become the final destination of tokens by virtue of their absolute flow effect and liquidity. In this process, on the surface, both exchanges and users are happy. Exchanges obtain more currencies to attract users, while users can access new assets and gain potential profits.

On this basis, the enabling value of platform coins such as BNB/BGB can be added to further consolidate its own industry position. However, since 2021, with the participation of large European and American Crypto VCs, the initial valuation of the entire industry has been too high. Taking the cross-chain bridge industry as an example, based on the last disclosed valuation before the above, LayerZero is valued at US$3 billion, Wormhole is valued at US$2.5 billion, Across Protocol is valued at US$200 million in 2022, and Orbiter is valued at US$200 million. The current FDVs of the four projects are US$1.8 billion, US$950 million, US$230 million, and US$180 million, respectively.

On this basis, the enabling value of platform coins such as BNB/BGB can be added to further consolidate its own industry position. However, since 2021, with the participation of large European and American Crypto VCs, the initial valuation of the entire industry has been too high. Taking the cross-chain bridge industry as an example, based on the last disclosed valuation before the above, LayerZero is valued at US$3 billion, Wormhole is valued at US$2.5 billion, Across Protocol is valued at US$200 million in 2022, and Orbiter is valued at US$200 million. The current FDVs of the four projects are US$1.8 billion, US$950 million, US$230 million, and US$180 million, respectively.

Every Big Name endorsement effect added to a project actually comes at the expense of retail investors. From the VC coin storm that started in mid-2024 to He Yi's "Girlfriend Coin Storm" AMA in early 2025, the relationship between exchanges and VCs has apparently become unsustainable. VCs' own endorsements and the effects of listing help seem ridiculous amid the Meme carnival. The only remaining role is to provide funds. Driven by the rate of return, token-oriented investment has in fact replaced product-oriented investment.

At this point, Crypto VCs are at a loss, Web2 VCs cannot invest in DeepSeek, and Web3 VCs cannot invest in Hyperliquid. An era has officially ended. After the collapse of VC, exchanges only have market makers to act as a shelter for retail investors. Users rush to buy local coins on the chain, and market makers can only be responsible for the market making of a few listed tokens after the internal market of PumpFun runs out and the external market of DEX rushes out. Of course, this article will not delve into the relationship between on-chain business and market makers, and we will focus on the exchange.

At this time, Meme coins are priced as high as VC coins for market makers and exchanges. If value coins have no value, then air coins obviously cannot be fairly priced based on air, and quick absorption and quick selling becomes the common choice of all market makers. When the entire process is swept away by the industry, Binance's one-year speed pass is not the original sin of the market maker. The fact that Binance can be speed-passed is an industry crisis. As the last link in liquidity, Binance can no longer discover truly long-term tokens, and an industry crisis is born.

Binance can promote RedStone despite its problems this time, and can also bring justice to the market makers, but after that, the industry will not change the existing model, and there will still be high-priced tokens waiting for the listing process.

Complexity and gigantism mean the end

Ethereum's L2 is increasing, and all dApps will eventually become one chain. Token economics and airdrop schemes are becoming more and more complicated. From BTC as a Gas to ve(3,3), the links between them have long exceeded the understanding ability of ordinary users.

Since Sushiswap relied on issuing token airdrops to Uniswap users to occupy the market, airdrops have become an effective means of stimulating early users to buy volume. However, under Nansen’s anti-witch censorship, airdrops have become a reserved program for the battle of wits and courage between professional hair-pulling studios and project parties. The only ones excluded are ordinary users.

The money-grabbing parties want tokens, the project owners need trading volume, the VCs provide initial funding, the exchanges need new