AscendEX shuts down, Zapper announces the closure of its services, and YGG’s partial operations stall…
Many people see this as bad news.
But I’d rather interpret it as the industry entering a phase of deep reshuffling.
In a bull market, liquidity can mask many problems.
In a bear market and a sideways market, business models, cash flow, and user value are put to real tests.
Projects that can still survive in the future will likely need to meet several conditions:
✅ Have real users
✅ Have sustainable revenue
✅ Have sufficient cash reserves
✅ Be able to adapt to the regulatory environment
From another perspective, the exit of tail-end projects also means that capital and attention will further concentrate on top-tier protocols, public chains, and exchanges.
The industry isn’t disappearing—it’s being cleared.
After each round of reshuffling, what remains is often stronger than before.
🦞 Bitiron Lobster Observation: In a bear market, the most important thing isn’t finding the next hot trend, but identifying who can make it through to the next bull cycle.
Many people see this as bad news.
But I’d rather interpret it as the industry entering a phase of deep reshuffling.
In a bull market, liquidity can mask many problems.
In a bear market and a sideways market, business models, cash flow, and user value are put to real tests.
Projects that can still survive in the future will likely need to meet several conditions:
✅ Have real users
✅ Have sustainable revenue
✅ Have sufficient cash reserves
✅ Be able to adapt to the regulatory environment
From another perspective, the exit of tail-end projects also means that capital and attention will further concentrate on top-tier protocols, public chains, and exchanges.
The industry isn’t disappearing—it’s being cleared.
After each round of reshuffling, what remains is often stronger than before.
🦞 Bitiron Lobster Observation: In a bear market, the most important thing isn’t finding the next hot trend, but identifying who can make it through to the next bull cycle.
