The New Landscape of the Crypto Assets Field: Value Reassessment and on-chain Migration

Recently, the Crypto Assets market has experienced a series of remarkable events, from which we can glimpse the profound changes occurring in the entire industry.

First of all, the launch process of the RedStone project has attracted widespread attention. Despite attempts by retail investors to stop it, the project ultimately succeeded in landing on mainstream trading platforms. Following that, the GPS incident further revealed a major trading platform's tough stance towards market makers, showcasing its dominant position in the industry.

Against the backdrop of the gradual decline of value coin projects, some project parties and investment institutions seem to be using these so-called "value coins" to complete chip transfers. They often quickly carry out a series of operations during market fluctuations, such as establishing foundations, releasing airdrop plans, and listing on exchanges.

It is worth noting that some emerging projects in the BTCFi ecosystem may replicate this pattern. Looking back, the price trends of certain projects after their launch often become disconnected from their actual performance, instead showing a positive correlation with the enthusiasm of investors in specific regions. There is likely a coordinated operation behind this involving project parties, market makers, and trading platforms.

In this context, the strategy adopted by the Hyperliquid project appears particularly unique. It chooses not to rely on external investments, does not cooperate with large exchanges, and there is no issue of profit sharing. The project is committed to seeking a balance between the development team and early users, using all protocol revenues to support the value of its tokens to meet the needs of later investors.

From the performance of IP and Hyperliquid, the cohesion of the project team and the level of attention to users can, to some extent, resist external forces manipulating the price of the tokens.

With a major trading platform taking a tough stance against market makers, the original industry barriers of the exchange are gradually collapsing. This series of changes suggests that the Crypto Assets market may be entering a new stage of development, with the process of value reassessment and on-chain business migration accelerating.