I know a guy who jumped into the bull market in 2021 with over 100,000 in capital. In the end, he chased after more than thirty projects, and only two remained without going to zero. That year, he shouted 'All in the next hundred times' every day, but now he has become the one in the group who specifically reminds everyone not to rush too hard.
The capital isn't large, but the courage isn't small, and in the end, he was schooled by reality.
To be honest, the biggest problem in the crypto world isn't that project teams run away, but that retail investors always think they are the exception. Seeing others flaunt their profit screenshots makes them believe they can replicate it, only to realize that what others show is a one in ten thousand success, while they stepped into a pit of nine thousand nine hundred ninety-nine.
In this round of market activity, I see too many people starting to shout 'this time is different.' Is it really different? The underlying logic of the market has never changed: most people are destined to be the bag holders, while a few take away most of the profits.
Surviving is more important than doubling. But the problem is that most people don't even understand what 'surviving' means. They think that not getting liquidated means they are alive, but when their funds are diluted to the point where they can't even afford transaction fees, it's not much different from being dead.
Who can get on the bus in the next bull market? It's not those who are still betting everything now, but those who are quietly accumulating chips.
I looked at Hemi's economic model, and it seems they want to create a Curve model for Bitcoin DeFi. The first phase has already been launched, with protocol fees converted into HEMI and hemiBTC, distributed to veHEMI stakers, and there's a burn mechanism. This design is somewhat similar to what Convex did for Curve back in the day.
Subsequent phases will introduce the protocol's own liquidity, providing continuous returns, along with a hemiBTC staking system. It sounds like they want to establish a self-circulating economic flywheel.
The problem is that the Bitcoin DeFi ecosystem is still very early, and the user base and TVL are not large enough. Whether the protocol fees can support this complex tokenomics still depends on actual data.
However, the direction is correct; the Bitcoin ecosystem indeed needs such infrastructure. It remains to be seen if Hemi can emerge from the competition.
