Who has made money in this bull market so far? First of all, it is definitely not VCs, as most of the projects they invest in have not yet started issuing coins. Even those coins with high FDV and low circulation that are criticized by the community seem to have increased by dozens of times on paper, but if there is no counterfeit bull market next, when the VC unlocks, a 90% drop is not much.

Secondly, it is not retail investors. Most retail investors speculate on memes, play counterfeits, and open contracts. It cannot be said that there are no retail investors who make money, but they are very few, and the probability is about the same as playing lottery tickets.

According to observation, there are several types of people who make money:

1. Bitcoin holders. If you hold Bitcoin, the whole world will work for you. At this time last year, it was 25,000, and now it is 65,000, which is a huge profit. It is also a very certain thing that it will rise to 100,000 within a year, but most people do not look down on this increase, so they cannot make money from BTC, which is reasonable.

2. Centralized exchanges. Exchanges have always been at the top of the food chain in the currency circle, and the entire currency circle basically works for exchanges. Of course, working in an exchange also carries huge risks. You have no fixed place to live, drifting overseas, with Yancheng inside and the SEC outside. The risk is proportional to the return, which is reasonable.

3. CeFi platforms such as Tether. Tether made $4.7 billion in the first quarter, more than most exchanges. Of course, strictly speaking, this money is not earned from the cryptocurrency circle. In addition, some cryptocurrency financial service providers are also quietly making money happily, such as custodial financial management platforms, etc. They provide good services to the cryptocurrency circle and make reasonable money. #币圈#

4. The operating teams of some public chain/DeFi products. DeFi products such as Uniswap actually have a large flow, and the transaction fees have nothing to do with the governance token holders. Almost all of them go into the team's pockets. This income is actually considerable.

The Base team may have tens of millions of dollars in fees contributed by a product called Friendtech. The Tron public chain also makes a lot of money from daily USDT transfers, and most of it goes into the team's pockets.

These projects do not rely on selling coins to retail investors, but on developing businesses to make money, which is similar to traditional Internet businesses. They are the hope of the cryptocurrency industry and are worth learning from for all project parties. In particular, there is the example of MakerDAO, and Uni has also proposed dividends. These are all Alphas in this bull market.