Wan Hui published an article on the X platform to express her views on the crypto cycle: "In the last cycle, both DeFi and GameFi created wealth effects due to information and cognitive asymmetry and continuous positive externalities. NFT and GameFi are completely a game of musical chairs for retail investors, and MoonPay's growth as a fiat currency channel has benefited greatly from this. The credit extension (legal or illegal) of 3AC and Alameda also greatly contributed to the bubble of the last cycle.

In this cycle, native crypto credit has dried up, and the only ones left are the tried and tested veterans in the industry, so credits and airdrops are quickly consumed. New external retail investors are now attracted to traditional financial products and no longer enter through the altcoin casino funnel of CEX or on-chain DeFi, and the upstream flow of cryptocurrencies is shrinking.

How to broaden upstream traffic, establish alternative distribution channels, better convert and retain users, and remain attractive when the wealth effect fades is a hot topic that investors, founders, builders and value creators in every industry need to solve urgently. ” #SEC败诉