零售投资者最近有些烦恼

首先，雷德斯通（Redstone）有很多曲折，最后散户投资者未能阻止它。 Redstone仍被列入二元。然后，全科医生拉出胡萝卜，拿出泥土。

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

零售投资者最近有些烦恼。首先，雷德斯通（Redstone）有很多曲折，最后散户投资者未能阻止它。

CoinDesk is pleased to announce the launch of a new research product, "Insiders," which will provide exclusive insights into the critical trends and events shaping the cryptocurrency industry.

Coindesk很高兴地宣布推出了新的研究产品“ Insiders”，该产品将为塑造加密货币行业的关键趋势和事件提供独家见解。

As the industry's leading news and information portal, CoinDesk is uniquely positioned to offer a unique perspective on the market, with a team of experienced journalists and researchers providing around-the-clock coverage.

作为行业领先的新闻和信息门户网站，Coindesk的独特位置可以在市场上提供独特的观点，其中一支经验丰富的记者和研究人员提供了全天候的覆盖范围。

"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.

“内部人士”将深入研究该行业面临的最紧迫的问题，重点是为读者提供他们做出明智决定所需的背景和分析。

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.

Chainpulse的研究人员发现，做市商正在以义务为中心，其行业障碍正在迅速崩溃。

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.

在Minecraft中，Redstone被埋葬在地下16个水平，需要在磨碎之前进行开采。在整个挖掘过程中，由于其绝对流动效应和流动性，交流已成为代币的最终目的地。在此过程中，从表面上看，交流和用户都很高兴。交易所获得更多货币以吸引用户，而用户可以访问新资产并获得潜在的利润。

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.

在此基础上，可以添加诸如BNB/BGB之类的平台硬币的启示价值，以进一步巩固其自己的行业地位。但是，自2021年以来，随着大型欧洲和美国加密VC的参与，整个行业的最初估值太高了。以跨链桥产业为例，基于上述最后披露的估值，LoyeZero的价值为30亿美元，虫洞的价值为25亿美元，跨协议的价值在2022年为2亿美元，而轨道球的价值为2亿美元。这四个项目的当前FDV分别为18亿美元，9.5亿美元，2.3亿美元和1.8亿美元。

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.

实际上，每个大牌认可效果实际上是以零售投资者为代价的。从2024年中期开始的VC硬币风暴到2025年初的“女友Coin Storm” Ama，交流与VCS之间的关系显然变得不可持续。在模因狂欢节中，VCS自己的认可和列表帮助的效果似乎很荒谬。唯一的角色是提供资金。在回报率的推动下，面向令牌的投资实际上取代了面向产品的投资。

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.

在这一点上，加密vcs不知所措，Web2 VCS​​无法投资DeepSeek，Web3 VCS无法投资于超流动。一个时代正式结束。风投倒闭后，交易所只有做市商可以作为散户投资者的庇护所。用户急于购买链条上的本地硬币，而做市商只能负责在Pumpfun的内部市场用完之后，Dex的外部市场冲出了几个列出的令牌。当然，本文将不会深入研究链业务与做市商之间的关系，我们将重点关注交流。

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.

目前，Meme硬币的价格与做市商和交流的VC硬币一样高。如果价值硬币没有价值，那么空气硬币显然不能根据空气定价，并且快速吸收和快速销售成为所有做市商的共同选择。当整个过程被行业所扫除时，Binance的一年速度通行证并不是做市商的原始罪过。二进制可以迅速解决的事实是行业危机。作为流动性的最后一个联系，binance无法再发现真正的长期令牌，并且行业危机诞生了。

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.

尽管这次有问题，但Binance仍可以促进Redstone，并且也可以为做市商带来正义，但是此后，该行业不会改变现有模型，并且仍将有高价的代币等待上市过程。

Complexity and gigantism mean the end

复杂性和巨大的意思是结局

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.

以太坊的L2正在增加，所有Dapps最终都将成为一条链。代币经济学和空投计划变得越来越复杂。从BTC作为气体到VE（3,3），它们之间的链接早已超过了普通用户的理解能力。

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.

由于Sushiswap依靠向单辆用户发行代币AirDrops来占领市场，因此Airdrops已成为刺激早期用户购买数量的有效手段。但是，在Nansen的反修道审查制度下，Airdrops已成为一项保留的计划，以进行智慧之战和专业发胶工作室与项目派对之间的勇气。唯一排除的是普通用户。

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

赚钱的政党想要代币，项目所有者需要交易量，风险投资人提供初始资金，交易所需要新的资金