Double Zero, in the past, exchanges, institutions, KOLs, market makers, and the Alpha community conspired together to generate traffic and hype. After going public, market makers would invest to pump the price, while the Alpha community and KOLs would lure retail investors to take over. After a few weeks, they would set up the chip structure and stabilize the market, then let the project parties slowly play with contracts + spot trading. But now the logic has changed. Since the Alpha community is going to dump as soon as it goes live, and KOLs can't bring in volume, retail investors are not holding at all, so why create selling pressure for themselves? This industry essentially only looks at one indicator — the concentration of gamblers in the exchange.

The biggest takeaway from this trip to KBW: the iPhone Air is really great...

Draw my image based on my tweet @grok

It feels like it hasn't opened X in 800 years