🧱 The Collapse and Reconstruction of the Shanzhai Coin System: The New Order after VC Failure 🐣 Summary of Baby Bus Edition: The future of altcoins is about to change one ️⃣ VC is running away, and the project is still outrageously expensive 💸 two ️⃣ Projects that rely on storytelling for financing have no way out ❌ three ️⃣ To survive, we must rely on real users TVL 📈、 demand 📊 four ️⃣ Vitalik's beloved 'technology projects', most of which have not been implemented 🧪 five ️⃣ The ETH ecosystem is skewed, and altcoins need more resources to consider 🎯 six ️⃣ The projects that can truly take off: card ecosystem, traffic, and income 🚀 seven ️⃣ Easy mode ends, next is the battlefield for Pro players 🧠⚔️ —————————————————————— 🧩 The VC valuation system is collapsing The altcoin system under the VC valuation system is almost bankrupt. You can see that a large number of venture capital funds are undergoing liquidation or transformation. And the requirement from the higher ups is a basic cost of up to millions of dollars. If this cost is not borne by the VC, where will it come from? This issue is clearly the biggest pain point for future new projects, and how to solve it is almost the most important topic. —————————————————————— 🚧 Two ways out: rebuild the project's online logic 1. Change the structure of the cost involved Creative projects should have a similar http://Pump.fun The online method. The project needs to prove that its product has real users and genuine needs. TVL and user growth become valuation anchors, rather than VC led investment logic. This means that "technology financing" startups targeting Vitalik will no longer be paid for. This type of project may require additional labeling and supervision, as it is essentially a financing and cash out logic that makes it difficult to accumulate funds. 2. Refactoring financing methods The remaining VCs have almost no motivation to invest in "good projects", More focus on investing in source based projects or acquaintances. Milestone style financing requirements would be a more reasonable mechanism: Pay in stages Project validation failed, immediately cut off supply Improve review standards and eliminate projects with poor execution capabilities —————————————————————— 🔍 Hype value vs landing value: ZKJ ≠ AAVE Many people cannot distinguish between the two values of a project: hype value and landing value. ZKJ=scientists' hype AAVE=Real borrowing demand in the market The one who can truly survive through the cycle is definitely the latter. Vitalik himself does not like AAVE, but he is enthusiastic about creating more and more projects and ignores its subsequent management. The ETH Foundation has also not shown a willingness to undertake 'long-term projects'. —————————————————————— 🏗️ ETH ecosystem deviates, conceptual altcoins collectively stall The leader of altcoins, ETH, has experienced cognitive dissonance. Therefore, many projects within its ecosystem can only be abandoned by users and the market. The foam in POS, NFT, Layer2 and other fields has been fully exposed, indicating that the background of encryption technology is becoming unimportant. —————————————————————— In the future, we will focus on three things: ✅ Sustainability ✅ compliance ✅ Is the critical resource position stuck —————————————————————— 🎯 What is long-term value or long-term speculative value? In summary, only projects that have direct access to key exchanges are eligible for long-term negotiations. Features include: 1. There is income 2. There is traffic 3. Significant innovation capability in a certain vertical field —————————————————————— 🧬 The current remaining strong logic project types: 📈 Perp Dex 🔁 Dex 👥 Projects with a huge user base or data accumulation (Ton/Kaia) 👑 Projects endorsed by key figures (Trump, Elon, Hong Kong government) OKX、a16z、Altman） 🧩 Projects that are stuck in the Sol, BNB, Base, Sui and other ecological niches 🏛️ ETF Narrative&US Regulatory Direction Projects: XRP/Sol/Doge/ADA/Sui/Link/AVAX/APT 🏦 DaSuo Portfolio: focusing on recent layout —————————————————————— 🧠 How will VC investors invest in the future? Future VCs will no longer invest recklessly and become exceptionally cautious. Please focus on the actions of the following institutions: A16Z / Paradigm / Polychain / Yzi Labs / Coinbase Ventures / Robot / HackVC / 1KX / Pantera / Bankless / Dragonfly And market making institutions such as Deribit, Wintermute, GSR, Jump, Amber, etc. The investment logic of these institutions is being reshaped by the market. —————————————————————— 📋 Currency recommendation list (grouped by topic regardless of top or bottom) Alt class: Hype / XRP / AAVE / SUI / SOL（JUP / RAY / JITO） Base related (AERO/Morpho/Virtuals) TRX / AVAX / UNI / APT / TON / SEI / ENA / PENDLE WLD / KAIA / KAITO / EIGEN Meme class: DOGE/PEPE/SPX/Virtuals/Trump/PENGU, etc SOL MEME seems to be stalling and requires extra attention Unpublished projects: DEX direction: Aster/Avantis/Lighter/Backpack/EdgeX/StandX Other directions: Momentum/Plasma 🧭 Summary of core screening logic ✅ Stable coin projects: ENA, USUAL ✅ DeFi classes: Hype, AAVE, Pendle, UNI, SKY, EIGEN, COMP ✅ Low relevance to VC pricing, consistent interests between project parties and individual investors: XRP, Hype, Meme categories SOL、TRX、ADA ✅ Key ecological niche projects: JUP, RAY, AERO, MORPHO, JITO ✅ Verified long-term projects: KAITO, ENA, HYPE, AAVE, Pendle, EIGEN, JUP, RAY, AERO, MORCHO, JITO 🧨 The last sentence: Do not invest in junk Altcoin unless necessary. If the project is not worth long-term investment, don't take it. Adapting to market changes at a fast pace is what Pro should do. Attached is the filtered table