#区块链快讯# Wan Hui posted on the X platform and expressed his views on the crypto cycle. He believes that in the last cycle, DeFi and GameFi created a wealth effect due to information and cognitive asymmetry and continuous positive externalities. NFT and GameFi are more like a game of musical chairs for retail investors, and MoonPay's growth has largely benefited from this. The credit extension of 3AC and Alameda also contributed to the bubble in the last cycle. However, in the current cycle, native crypto credit has dried up, and points and airdrops are quickly consumed. New external retail investors are now attracted by 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 flow, establish alternative distribution channels, and better convert and retain users has become a hot topic that industry insiders need to solve. What do you think about this? Welcome to leave a message in the comment area for discussion. 😉