Under the bull market atmosphere, many projects have accelerated their efforts to launch their own tokens in an attempt to attract more capital and user attention. At the same time, the recent strong performance of crypto projects in multiple sectors has further stimulated investment sentiment. The market has become more and more excited about the altcoin season, and many have begun to look for crypto assets with potential. (Previous summary: The points system has become a profit-making tool for airdrop hunters, four suggestions for improving airdrop strategies) (Background supplement: Polymarket hinted at "coin airdrops". Gamblers who participated in Taiwan's presidential election were miserable?) With the secondary market As the market gradually recovers, the structure of the encryption ecosystem is undergoing subtle changes, and market liquidity is gradually withdrawn from on-chain activities. In the bull market atmosphere, many projects have accelerated their efforts to launch their own tokens in an attempt to attract more capital and user attention. At the same time, the recent strong performance of crypto projects in multiple sectors has further stimulated investment sentiment. The market has become more and more excited about the "copycat season" and has begun to look for crypto assets with potential. DeFi and L1 have become the mainstay of cryptocurrencies, and the token allocation strategy has been optimized and adjusted. In recent times, the crypto market has seen multiple projects announce the issuance of tokens. PANews has counted 21 crypto projects that have recently been officially announced by TGE. These projects cover DeFi, L1, NFT, L2 and DAO. Among them, DeFi and L1 projects are the main currency issuance projects, and nearly half of the projects come from these two competitions. road. Judging from public information, these projects are generally favored by the capital market, with a cumulative financing amount of more than $620 million, involving investors including well-known institutions such as Polychain, Binance Labs, Coinbase Ventures, Dragonfly, Wintermute, Alliance DAO, GSR and DeFiance Capital. VC endorsement is often seen as an important symbol of project reliability and potential, adding more reliability and potential to these projects. However, while capital is involved, the previous continued decline in currency prices caused by high FDV and low circulation has gradually triggered strong dissatisfaction and controversy in the market. Faced with this dilemma, the market's attention began to shift significantly, including the shift to relatively fair and decentralized cryptoassets, such as MEME coins. For example, 10x Research recently released a report stating that the Google search trend for “Meme Coins” hit a record high, exceeding the previous peak in March 2024. This data also confirms that investors at this stage prefer investment opportunities that are community-driven and more equitable. From the perspective of token distribution, many projects have begun to adjust the problem of low initial circulation to avoid the dilemma of limited sustainable upside caused by high FDV. For example, Movement’s initial circulation reached 22%, Side Protocol’s was 22.9%, Zircuit’s was 21.95%, etc. This change reflects the market’s reflection on the low-circulation, high-FDV model. Especially in such projects, ordinary investors often become “victims” of liquidity withdrawals. Not only that, the token distribution strategy also pays more attention to ecosystem construction and community participation. For example, Bluefin will allocate 52% of the total token supply to ecosystem growth, Movement will allocate 40% of the total token supply to the ecosystem and community, and Magic Eden will allocate 37.7% of the total token supply to the community and community. Ecosystem, Usual allocates 90% of tokens to the community, etc. Such a strategy can help enhance the community cohesion and market competitiveness of the project, and better promote the long-term development of the project. Especially in terms of airdrop intensity, the average token airdrop ratio of these 21 projects reached 14.9%, among which Suilend, Hyperliquid, Zircuit, Swan Chain and WalletConnect reached 40%, 31%, 21%, 20% and 18.5% respectively. Significantly exceeding the average, especially Hyperliquid, with an airdrop value of up to US$28,500 per capita, becoming one of the crypto projects with the largest airdrop this year. As an effective means of attracting and motivating community members, airdrops still play an important role in project promotion. They not only provide generous returns to early backers, but also effectively increase the influence and popularity of the project. Many factors may help the return of the altcoin season, but it cannot rely solely on the driving effect of Bitcoin. The intensive announcement of currency issuance by encryption projects is closely related to reasons such as the market rebound and the loose policy environment in the United States. Recently, as Bitcoin continues to rise, mainstream public chains, DeFi, Metaverse, L2, games and other sectors have experienced a strong rebound. At the same time, PVP competition in the MEME market has intensified, and many players are being discouraged. Market attention has gradually begun to turn to the secondary market. "The copycat season may be about to begin." Top trader Eugene said not long ago. According to the latest report released by Bitfinex, the overall crypto market has reached a new cycle high, and altcoin market capitalization is now close to the high of $984 billion in May 2021, indicating that speculative funds are shifting from Bitcoin to altcoins. Historically, this rotation of funds often heralds the arrival of “altcoin season,” when altcoins gain more prominence relative to Bitcoin. Crypto analyst Mikybull Crypto said that Bitcoin’s dominance in the crypto market has fallen below its two-year support line, which may indicate that the market has “officially entered the altcoin season.” Because Bitcoin’s declining dominance means investors are profiting from their BTC positions and investing some of their money in altcoins. QCP also pointed out that the recent decline in Bitcoin’s market value reflects the trend that funds may gradually shift from BTC to ETH and other altcoins. According to information disclosed by IntoTheBlock, November hit the highest level of net outflows of CEX stablecoins since April, about $4.5 billion. Coupled with strong price performance, this suggests traders are locking in profits, which may be redeployed into altcoins or as reserves for future declines. Not only that, as the encryption market gradually moves towards the mainstream, the loose encryption policy environment in the United States has also stimulated market optimism for the development of the overall industry including altcoins. According to previous reports by PANews, the list of Trump’s new government members has been gradually revealed recently, and many of them have publicly expressed their friendly attitude towards cryptocurrency, which may bring more positive policy expectations to the industry. In particular, the upcoming departure of Gary Gensler, chairman of the U.S. SEC, is believed to provide more space for the further development of the crypto industry. What’s more worth mentioning is that with the application for ETFs in currencies such as Solana, XRP and LTC, the market’s expectations are getting higher and higher. However, CryptoQuant CEO Ki Young Ju also pointed out that compared with the previous bull market, the current rise in Bitcoin is mainly driven by the demand from institutional investors and spot ETFs. These funds are different from cryptocurrency exchange users and have no intention to transfer assets from Bitcoin. Coins turn to altcoins. At the same time, since institutional investors are mainly...

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