Mhmarkets迈汇:加密生态的偏航与重塑

Core Insights - The current state of the cryptocurrency industry is at a critical and dangerous juncture, characterized by developer attrition, declining audit demand, and a lack of support for genuinely useful applications, with attention being diverted to short-term speculative products [1][4] - Mhmarkets highlights that the vision of driving practical applications and welcoming the next billion users has been overshadowed by short-sighted profit-seeking behavior [4][6] Group 1: Developer and Investment Trends - Developers are reducing smart contract audits not out of willingness to take risks, but due to a lack of worthwhile new applications to build [4] - Many talented developers and founders are waiting for a healthier industry environment or have already left the space, unwilling to replicate existing financial applications or push forward long-term value projects without support [4] - Capital interest in practical applications is extremely low, with funding only available for projects that can quickly achieve massive returns, leaving capable teams stuck at the starting line [4][5] Group 2: Market Dynamics and Influences - Investment is increasingly concentrated in short-term profit-driven assets such as meme coins, opaque DeFi structures, and high-leverage speculation, which shapes market discussions around ETF inflows and trading techniques rather than the real application value of blockchain [4][5] - The profit-driven orientation is amplified by industry "opinion leaders" who could promote the on-chain transformation of the global financial system but instead embrace a more controllable "new type of intermediary," reintroducing complexity and opacity into a market that should be transparent and decentralized [5] Group 3: Long-term Implications - The original intent of blockchain and cryptocurrency technology was to weaken monopolies and rebuild a fairer internet collaboration mechanism, with the potential of AI and blockchain combined to rival or exceed the impact of the internet [5] - However, the narrative is currently dominated by DAT, ETFs, leveraged trading, and liquidation events, allowing a few participants to gain excess profits at the expense of the majority [5][6] - Short-sighted and fraudulent behaviors in the crypto ecosystem drive away builders and stagnate technological development, ultimately harming the entire industry, including those who genuinely believe in the technology [6]