Cooking a Feast for a Flock of Crows

1. Dining Rules

You might notice that assets drive the wild growth of Web3. This realm is filled with various asset standards for user trading. In fact, most Web3 applications are based on these standards.

The most common is the token standard.

For instance, ERC-20 allows everyone to issue various kinds of tokens, which can have different narratives and utilities, like equity, bonds, playing with DeFi, governance in DAOs, etc. You can also trade these tokens following the AMM curve for speculative purposes.

Or ERC-721, used to issue NFTs, whose value is determined by what is known as consensus, speculative trading, and yet-to-be-developed utilities.

Then there’s friend.tech, where each user is a Ponzi scheme based on a key, trading according to the bonding curve. This includes the recently popular ordinals ecosystem, BRC-20, various inscriptions, and the Web3 game engines for different play-to-earn games… Ostensibly offering new utilities, but fundamentally, they are new asset standards with different carriers.

It’s like someone designing a casino game with rules they set. They can open their own casino, and others can open theirs by adopting these rules. These rules can be offered as public goods, like the ERC-20 and ERC-721 standards, or they can take a cut, like Opensea extracting fees from NFT trades, or Uniswap collecting protocol fees from trades and liquidity pools.

We don’t trust people; we trust code.

The advantage of Web3 over Web2 is that once a model is conceived, the permissionless nature of the blockchain allows it to be rapidly deployed to the market through smart contracts, with market feedback validating its effectiveness. At the same time, the transparency of smart contracts enables participants to discern risks themselves. Issuing assets is often a simple pump and dump, but sometimes it’s also a fast way to get products off the ground, initiating, inflating, bubbling, and converging. This cycle can be significantly shortened. Many projects quickly achieve a cold start by controlling the market and using highly attractive models, drawing in a large number of users and liquidity, while building their infrastructure and networks. Filecoin and Polkadot are classic examples.

Degens, like crows, are smart and greedy, attracted by assets, feeding on assets, and fighting over assets. The Web3 world is like a banquet prepared for crows, where projects are like dishes made of various ingredients. Smart and strong crows can feast, while the slow and weak may be defeated in the scramble for food, or even fall into danger by eating poisonous dishes (like rug pulls). Project creators play the role of chefs, crafting projects through asset standards to manipulate the crows for their own purposes.

2. Narrative/Utility as Kitchenware

Humans naturally do not understand the world through facts and figures, but through narratives. A narrative refers to stories and information conveyed through language, text, visuals, or other forms. It is a means of expression used to describe events, experiences, or concepts, aiming to communicate specific information, viewpoints, or values to an audience. Bitcoin (BTC) is a particularly compelling narrative: decentralized digital gold, an alternative for payments and transfers, financial inclusivity, a tool for resisting the establishment. BTC has the potential to change the modern financial system, and the breadth and depth of its narrative impact are enormous. AI, the BTC ecosystem, modularity, etc., are currently popular narratives in Web3. While seeking opportunities within these popular narratives, we are also looking for non-consensus narratives, as alpha often comes more significantly from non-consensus.

A narrative is the carrier of an asset, like a pot, determining the upper limit of its value. As long as the logic is not disproven, a sufficiently attractive narrative can theoretically make the market’s pie very large. Just like buying incense at a temple or seeking a shaman to bring good fortune, people will pay for visions that have not been proven. It is not only a way for projects to convey their vision, value, and goals but also an important means to attract and maintain the interest of the community, investors, and users. The following explores the importance of narrative in building assets from several dimensions:

1. Affecting Participant Emotions

   • Emotion-Driven: In the world of finance, the emotions of participants are a crucial factor. An engaging narrative can evoke excitement, confidence, or fear, thereby influencing participant behavior.
   • The Attractiveness of Stories: Humans are naturally drawn to stories. A good narrative can make complex concepts more understandable and attractive, which is particularly important for engaging participants.

2. Promoting Understanding and Spread

   • Simplifying Complexity: The playstyles and strategies in Web3 are often complex and hard to understand. An effective narrative can simplify complex information into an easily understandable story, helping participants quickly grasp key information.
   • Enhancing Spread: A compelling story is more likely to be remembered and spread by people. In the age of social media and the internet, the speed and range of story dissemination can greatly affect the popularity and appeal of a financial venture.

3. Establishing Trust and Brand

   • Building Trust: Through narrative, financial ventures can create a sense of trust. Historical data, success stories, or the visions of leaders in the story can increase participants’ trust.
   • Brand Identity: Stories help financial ventures establish a unique brand identity. This not only attracts participants but also helps stand out in a highly competitive market.

4. Influencing Market Expectations

   • Market Dynamics: The market is driven not only by data and facts but also by expectations and forecasts. A powerful narrative can shape market expectations, thereby affecting the flow of funds and prices.
   • Self-Fulfilling Prophecies: In some cases, a strong narrative can even lead to self-fulfilling prophecies, where the market acts on a belief in a narrative, making it a reality.

3. The Market as Fuel

Standing at the Wind’s Edge, Even Pigs Can Fly

A sufficiently large flame is needed to quickly cook a mature and delicious dish. If the flame is too small, the food might remain raw, or the feast might end before the dish is fully cooked.

Narratives and markets require a matching of time and space. The key to selecting a market is to meet the needs of existing and potential participants: how many people are willing to participate, who these participants are, the volume of funds involved, how the product meets their needs, and how their participation in turn can benefit the project.

Product-Market Fit (PMF) is crucial for project success. It not only determines whether a product can survive in the market but also forms the foundation for sustainable growth and development:

1. Demand Confirmation : PMF ensures that your product or service meets actual market demands. If a product does not match market needs, it may fail, regardless of its quality.

2. User Retention and Word-of-Mouth : When a product closely aligns with market demands, user satisfaction is higher, likely leading to word-of-mouth promotion. Satisfied users are the best marketers.

3. More Effective Marketing : Having a product-market fit makes marketing efforts more efficient, as you target consumers who are most likely to benefit from your product.

4. Foundation for Growth and Expansion : PMF is the basis for sustainable growth. Only when a product adapts to the market can the project effectively expand and grow.

5. Resource Optimization : Understanding market demands helps businesses allocate resources better, avoiding waste on features that don’t meet market needs.

6. Competitive Advantage : In a competitive market, products that accurately meet consumer needs are more likely to gain a competitive edge.

7. Risk Reduction : Understanding and meeting market demands can reduce the risk of business failure. PMF means the product is accepted by the market, reducing the uncertainty of launching new products.

8. Attracting Investment : For startups seeking funding, being able to demonstrate that they have achieved or are nearing PMF significantly increases the likelihood of attracting investors.

In the Web3 domain, an example of good Product-Market Fit (PMF) is the well-known Uniswap:

• Meeting the Need for Decentralized Trading : Uniswap created a decentralized trading platform that allows users to exchange cryptocurrencies directly with each other, without traditional intermediaries like banks or exchanges, and to issue assets permissionlessly.

• Simplifying the Trading Process : Uniswap uses an Automated Market Maker (AMM) model to simplify trading. Users don’t need to match with specific buyers or sellers but interact directly with smart contracts, increasing efficiency.

• Providing Liquidity Incentives : Uniswap encourages users to lock their assets on the platform to provide liquidity, rewarding them with a share of trading fees. This mechanism has attracted a large number of liquidity providers, supporting the liquidity of newly issued tokens (“Shitcoins”).

• Trustless Environment : Being based on blockchain, Uniswap allows users to trade without needing to trust the counterparty or a third-party intermediary, reducing transaction risks.

• Promoting the Development of the DeFi Ecosystem : The emergence of Uniswap has fostered the development of the entire decentralized finance ecosystem, laying a foundation for other DeFi projects and services.

4. Utilizing Desires as Ingredients

Now that we have the pot and the fire, it’s time to add our ingredients.

The Seven Deadly Sins (Seven Deadly Sins) are a group of particularly serious sins in Christian tradition, originating from early Christian reflections on human behavior and teachings. The concept of the Seven Deadly Sins was initially formed by early Christian thinkers, especially Evagrius of Pontus in the 4th century, who listed eight major human vices, known as the “eight evil thoughts.” In the 6th century, Pope Gregory I modified and streamlined this list, reducing it to the seven commonly known today. The established Seven Deadly Sins include pride, envy, wrath, sloth, greed, gluttony, and lust. These sins are considered the root of all other sins. The Seven Deadly Sins occupy an important position in Christian moral and spiritual teachings, used to educate believers in identifying and avoiding these sins to promote the health and redemption of the soul.

Avoid them? No, we want to leverage people’s desires. The secret of wealth is clearly written in ancient scrolls. The essence of business is to discover or create and satisfy needs, with needs hiding behind desires. Often, a good business will ultimately lead to one of two outcomes, or both simultaneously: amplifying or satisfying users’ desires. Narrative and market trends may change over time, but human desires have remained constant throughout thousands of years of civilization and technological progress. The wise often manipulate crowds through human nature, fulfilling their needs and integrating them into their own systems for their purposes. Below are some mechanisms (business models) and examples that are irresistible to the “crowd of crows,” regardless of Web2 or Web3. In the permissionless conditions of Web3, their composability and deployment efficiency are enhanced, opening up more possibilities.

4.1 Providing Trading Markets

The existence of trading implies speculative attributes, with the possibility of buying low and selling high, uncertainty, and high return potential jointly forming a vision of rapid wealth accumulation, attracting people to pursue immediate and substantial wealth growth. Liquidity and volatility are particularly important in trading. In casinos, each chip’s turnover signifies the house’s cut. Why are tokens fundamentally better than NFTs? A significant reason is that tokens have better liquidity; they can be divided into countless parts, allowing everyone to participate regardless of capital size, making trading more flexible. NFTs, on the other hand, are mostly traded as single entities. Even if an NFT can be fragmented into many parts, they only correspond to one value, making the trading threshold higher and flexibility lower. Volatility means the possibility of high profits, providing people with a sense of excitement and instant gratification.

Successful trades bring not just financial returns but also psychological satisfaction of victory and achievement. Even though luck plays a major role, successful trades are often seen as a reflection of intelligence, analytical ability, and predictive skills.

Keywords: Greed, Pride

4.2 Endorsement

Getting endorsements from top investment institutions or KOLs can also stimulate the desire of followers to participate. In turn, these institutions or KOLs can use their authority and influence to exploit their followers, DYOR:

1. Trust and credibility

• Brand Trust: Large institutions usually have a good reputation and brand recognition, adding trust and credibility to their recommendations or endorsements.
• Professional Recognition: Large institutions are seen as experts and authorities in the market, and their decisions are generally considered to be well-thought-out and based on ample information.

1. Sense of security and risk reduction

• Reduced Perceived Risk: Followers often believe that if a project or asset is supported by a major institution, the risk of investing in it might be lower.
• Following Professionals: Followers tend to imitate the behavior of investors they consider more knowledgeable and experienced.

1. Social proof and herd mentality

• Social Identity: The investment decisions of large institutions are seen as a form of social proof, i.e., “If these professional and successful institutions are investing, then it must be a good opportunity.”
• Group Dynamics: Humans have a natural tendency to follow the crowd, especially when facing complex decisions.

1. Market influence

• Market Leadership: The investment behaviors of large institutions often lead the market, influencing the overall trend of a sector or asset.
• Demonstration Effect: The decisions of these institutions may initiate a demonstration effect, attracting more investors to follow.

Keywords: laziness

4.3 Manipulation of the Market

Market manipulation refers to the practice of using a series of means and strategies to manipulate the prices and trading volumes of assets. Terms like creating hype, pumping, dumping, market making, and overwhelming price increases are all related to market manipulation. Here are several key reasons why market manipulation attracts participants:

1. The Temptation of Quick Profits

   • Promises of High Returns: Market manipulation activities are often accompanied by a rapid increase in asset prices, creating an illusion of quick and high returns for retail investors.
   • Greed: Humans have an innate tendency to seek wealth growth, especially when it seems easily attainable.

2. Fear of Missing Out (FOMO)

   • Herd Mentality: When retail investors see others apparently making substantial profits in a short time, they often fear missing out on similar opportunities.
   • Social Proof: The investment behavior of others is seen as a form of “proof,” suggesting the correctness of the investment decision.

3. Market Sentiment and Group Behavior

   • Market Frenzy: During market frenzies or bubble periods, retail investors are easily attracted by the prevailing optimistic sentiment.
   • Conformity: People tend to imitate the behavior of the majority around them, especially in situations of information asymmetry.

A common example of this is the well-known pump and dump scheme:

• Pump (Hype):

  • Creating a Phenomenon: Investors or groups artificially hype an asset (usually with lower liquidity) through various means (news, statements, social media, community calls), creating an illusion of impending price rise, or pump the price to make early participants wealthy, thereby creating a wealth effect and attracting those not yet in the market.

  • Price Increase: This hype attracts the attention and interest of other investors, leading to their purchase of the asset. As demand increases, the price of the asset rises.

• Dump (Sell-Off):

  • High-Level Sell-Off: When the asset price reaches a relatively high level, the investors or groups that initiated the hype sell their assets at these high prices.

  • Price Collapse: As a result of the mass sell-off, the asset price begins to plummet sharply, leaving later investors, especially those who bought at high prices, facing losses.

Whether it’s for the purpose of selling at a higher price to make money, gaining attention, quickly attracting participants to provide liquidity, or building infrastructure, market manipulation is an effective method to achieve one’s goals through user behavior.

Keywords: Greed, Arrogance

4.4 Incentives

Incentives are the most direct way to attract users: airdrops, invitation rebates, interest earning, mining rewards, and discounts after reaching a trading volume threshold are all low-risk methods with evident returns. All these incentive methods offer a clear value proposition, allowing users to directly see potential benefits. The use of incentives increases user engagement with a platform or project, fostering growth and expanding the user base. As more users participate, the platform or project itself gains value, further attracting more users. Essentially, this is a case of temporal mismatch.

These incentives are closely related to the degree of user participation and may also include penalty mechanisms for exiting, establishing sunk costs for users and binding them to the project.

Tip: Immediate and simple incentives are highly addictive, akin to the well-known concept of ‘instant gratification.’

1. Airdrops

   • Low Risk: Users usually don’t need to invest money or only need to hold certain assets to have a chance to receive free tokens or assets.
   • Direct Returns: Airdrops provide direct financial incentives, allowing users to immediately obtain valuable tokens.

2. Invitation Rebates

   • Network Effect: By inviting new users, existing users can receive certain rebates or rewards, utilizing the network effect to encourage product or service promotion.
   • Win-Win Situation: Both inviters and invitees often benefit, creating a mutually beneficial dynamic.

3. Interest Earning

   • Passive Income: By staking or investing in specific assets, users can earn passive income, such as interest or other forms of returns.
   • Relatively Lower Risk: Compared to direct trading in the market, earning income through interest is usually seen as a lower risk strategy.

4. Discounts After Trading Volume Threshold

   • Encourages Active Trading: Offering discounts after a user’s trading volume reaches a certain threshold incentivizes more frequent trading.
   • Increases User Loyalty: Discounts entice users to continue trading on the same platform, enhancing platform loyalty.

5. Mining Rewards

   • Accelerating Construction: Whether it’s liquidity mining or node mining, token incentives attract people to participate, speeding up the construction of liquidity and node networks.
   • Value Binding: Mining often involves staking and slashing mechanisms, binding the interests of the nodes to the network’s value. Economic losses for nodes due to exit or malicious actions maintain the network’s secure and stable operation. Bitcoin’s 51% attack and Optimistic’s fraud proofs are good examples: if a node wants to act maliciously, its cost is often much greater than the profit.

The recent Blast airdrop directly attracted a massive amount of liquidity, gaining over 800 million in just a few weeks. The logic is brutally simple: throwing cash at participants’ faces, while the invitation points involve a Ponzi-scheme-like flywheel effect. Although cross-chain with L1 increases risk exposure, participants are more concerned about profit-making potential. These security issues are minimized in the face of substantial monetary incentives, and participation continues to surge.

Keyword: Gluttony

4.5 Leverage

Leverage can pry into the gambling nature, significantly increasing both the risk and potential return of investments, thereby intensifying similar psychological and behavioral patterns to gambling:

1. Increased Potential Returns

   • Amplified Gains: Leverage allows investors to control a larger amount of investment with less capital, thus proportionally amplifying potential profits.
   • Attractiveness: This magnification effect attracts investors seeking quick, high returns, akin to the pursuit of a big win in gambling.

2. Increased Risks

   • Magnified Losses: Leverage not only amplifies gains but also losses. Minor adverse market movements can lead to substantial capital losses.
   • Stress and Impulsive Decisions: Facing higher risks, investors might experience more stress and make impulsive, irrational decisions.

3. Psychological Impact

   • Overconfidence: Using leverage can lead to investor overconfidence, erroneously believing they can control market risks.
   • Chasing Losses: After losses, investors might increase leverage, trying to recover quickly.

4. Intangible “Bets”

   • Invisibility of Funds: Unlike physical casinos, in the crypto market, the use of funds is digital and intangible, possibly leading to inadequate awareness of actual capital and risks involved.

5. Accessibility and Convenience

   • Ease of Use: Many Web3 products make leveraging extremely easy, similar to the ubiquitous accessibility of gambling.
   • The hundredfold leverage in perpetual contracts, thousandfold leverage in Rollbit, and the DeFi lending layers in Rari Capital all attract a large number of users with the excitement of high leverage, becoming an indispensable allure of these projects.

   Keyword: Greed

4.6 Lottery

The mechanism of a lottery is also an amplifier of gambling nature, stimulating and leveraging people’s strong reaction to random returns, akin to buying incense at temples or paying for wishes:

1. Uncertainty and Incentive

   • Incentive Effect: The motivation from uncertainty is very strong. The randomness and potential big prizes in lotteries excite and build anticipation.
   • Dopamine Release: When participating in a lottery and anticipating possible victory, the brain releases dopamine, a neurotransmitter associated with pleasure and reward.

2. Imbalance of Risk and Reward

   • Temptation of High Returns: Even with low odds of winning, the huge potential reward attracts participation, overshadowing the actual risks.
   • Underestimated Costs: Participants often underestimate the actual cost of small investments accumulating over time.

3. Chasing Losses

   • Pursuing Big Prizes: Participants might continue investing, hoping to win big eventually, similar to the “chasing losses” mentality in gambling.
   • Sunk Cost Fallacy: Long-term participants might continue due to time and money already invested, hoping to break even or profit.

4. Illusion of Control

   • False Sense of Control: Participants might erroneously believe they can increase their chances of winning through certain strategies or intuition.
   • Pattern Recognition Tendency: People tend to look for patterns or rules in random events, even when such patterns don’t exist.

PoolTogether is a well-known Web3 lottery project, allowing users to deposit funds into a common prize pool to earn interest. This interest is then used as prize money, distributed to randomly selected participants through regular lotteries. All users’ principal remains safe; even if they don’t win the prize, they don’t lose their deposits. This mechanism combines the safety of savings with the excitement of a lottery, offering a risk-free opportunity to win extra income.

Keyword: Greed

4.7 Flywheel (3,3)

We’re familiar with the Ponzi scheme, whose logic is simple: using the input from newcomers to fill the returns of early participants, coupled with a network multiplication effect.

Projects like Olympus DAO and Anchor Protocol attract a large number of participants, despite criticism by some as resembling Ponzi schemes. This attraction is due to their combination of innovative financial mechanisms, high-yield promises, and widespread interest in the decentralized finance (DeFi) sector. Here are some main reasons these projects are appealing:

1. Promise of High Yields

   • Attractiveness: These projects often promise returns higher than traditional financial markets, greatly appealing to those seeking high yields.
   • Yield Farming: Participants can earn significant interest or token rewards through staking, lending, or other methods.

2. Innovative Financial Mechanisms

   • Unique Models: These projects usually operate based on unique and complex financial models, such as algorithmic stablecoins, liquidity mining, bonds, etc., attracting those interested in financial innovation.
   • Technical Charm: Interest in blockchain and decentralized financial technologies is also a significant factor in attracting participants.

Keyword: Greed

4.8 Proxy

In the world of cryptocurrency, it’s akin to a gold mine with innumerable treasures waiting to be unearthed. However, the complexity of mechanisms and operations makes the mining process challenging. Human nature leans towards ease, thus giving rise to the creation of ‘shovels’. The market offers a variety of shovels: wooden, iron, stainless steel, and even excavators. Each differs in efficiency, cost, and application scenarios. Users generally aim to maximize returns with minimal costs and certain risks or to minimize risks within a set return expectation. Every shovel strike is akin to placing a bet, and the shovel itself profits through a cut from these bets or through profit-sharing. There are two types of proxy methods: one provides various betting strategies for users to choose based on their preferences, such as copy trading, liquidity mining pool aggregators; the other is directly managing users’ resources.

For example, Clore.ai, which has recently gained popularity, offers a convenient mechanism for miners. It helps them find the highest yield mines in the network to mine, completing network distribution tasks when specific computational power services are needed; otherwise, it finds the cryptocurrency with the highest mining yield at that time for participation. This way, GPU miners can simply throw their mining rigs into the network for automated maximization of profits.

Various trading bots, ERC-4337, intent-centered applications, and AI agents are such ‘shovels’, helping users bypass complex steps and efficiently achieve their goals. This is key in enhancing User Experience (UX).

The question posed is: Would you prefer to be directly given a mine, or a mine along with a shovel, plus a sales channel, and an automated production line?

Keyword: Laziness

4.9 Arbitrage

While arbitrage may seem like a game for speculators, its existence sometimes ensures the health of the system. Arbitrage across different trading markets for the same asset can stabilize asset prices, leading to user costs that more closely reflect the actual market price, thereby reducing risk. For instance, to anchor a project to a certain asset, setting up an arbitrage margin is a good method. This is exemplified by perpetual contracts and the Luna/UST stability model:

Perpetual contract

Mechanism: When the price of a perpetual contract is higher than the spot price (overvalued), long positions pay funding fees to short positions and vice versa. These rates are adjusted periodically (e.g., every 8 hours).

Purpose: This incentivizes traders to trade towards aligning perpetual contract prices closer to spot market prices, aiding in self-regulation and preventing long-term deviations from spot prices.

Luna/UST:

UST (TerraUSD): An algorithmic stablecoin designed to maintain a 1:1 value with the USD.

Luna: Terra ecosystem’s native token, used for governance and maintaining the stablecoin system.

Anchoring Mechanism:

Algorithmic Adjustment: When UST’s market value deviates from the 1:1 USD ratio, the system uses an algorithmic adjustment mechanism to restore balance.

Two-way Conversion: Users can freely convert between UST and Luna at a fixed value of 1 USD.

Price Stability Operations:

When UST > $1: Users are incentivized to mint UST with Luna valued at 1 USD, as UST’s market value exceeds 1 USD, increasing UST supply and lowering its market price.

When UST < $1: Users can buy UST below 1 USD and convert it to Luna valued at 1 USD, reducing UST circulation and increasing its market price.

Arbitrageurs, while profiting, unknowingly become tools for project teams. They engage in market speculation for maximizing risk-free returns, inadvertently maintaining market stability. MEV (Miner Extractable Value) is another interesting example in the crypto world.

Keyword: Greed

4.10 Competition and Game Theory

4.10 Competition and Game Theory

Let users themselves engage in games, hyping up and naturally inflating the financial pool.

Commonly known as “internal competition,” the establishment of win/lose situations, levels, and rankings causes people in the same scenario to compete against each other. Those at the top want to maintain their position, while those at the bottom aim to displace the top players and climb up, inadvertently achieving the goals set by the rule makers.

Examples abound in Web2, with many games featuring ladder rankings or tier systems. Players often spend excessively on in-game purchases to enhance their power or continuously play to improve their rank, all while unknowingly funneling money into the pockets of game companies. As players tirelessly climb the ranks, they unknowingly contribute loyal activity and game time.

TikTok has a feature called “PK reward,” where two bloggers compete within a set time to see who receives more rewards. Both bloggers strive to outdo each other in rewards, encouraging their fans to contribute. The flurry of rewards typically intensifies towards the end of the time limit, raising the reward amount without the need for TikTok’s promotion, and a significant portion of these rewards become TikTok’s profit.

A project named Alpha Club also employs similar logic:

A successful KOL (Key Opinion Leader), wanting to share the secret of wealth, decides to host a space. The space has valuable information and limited seats, thus a price tag. How is the price determined? Through a bonding curve, with prices increasing progressively.

Space space is limited, what happens when the number of people is full? Using sliding bids, the latecomer pays a high price to the first person in the current seat according to the bonding curve, and so on.

What happens when the space is full? A “Sliding Bids” method is used, where newcomers pay a higher price based on the bonding curve to the first person in the current seat, and so on.

Early attendees automatically profit, while latecomers continue to increase in value. Everyone becomes part of the market liquidity.

Users have two motives to participate in the auction: one is the demand for alpha information and knowledge, and the other is the desire for speculation. Serious crypto investors and speculative degens become participants in market pricing under this pricing model. Alpha Club’s Slogan: “You either earn or learn,” perfectly encapsulates the fundamental principle of the market.

Keywords: jealousy

Summary

Underneath desire, a variety of playstyles can be invented. By combining these modes and extending them into different narratives and market scenarios, countless capital pool models can be born. When a sufficiently profound narrative, a matching market, and an appealing model reach a mutually beneficial state, a delicious dish is thus created. It does not necessarily require a strict match of supply and demand or application scenarios; like a flock of crows, it comes uninvited.

Human nature drives prices, and prices return to value—the game between consumers and speculators forms the essence of the economic world. In product mechanisms, we might glimpse the truths of the game, prices, and the market.

In the chaotic yet orderly world of Web3, we are all chefs, and we are all crows.

Disclaimer：

1. This article is reprinted from [Foresight Research]. All copyrights belong to the original author [Mike]. If there are objections to this reprint, please contact the Gate Learn team, and they will handle it promptly.
2. Liability Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute any investment advice.
3. Translations of the article into other languages are done by the Gate Learn team. Unless mentioned, copying, distributing, or plagiarizing the translated articles is prohibited.