Steve_4P

Two things I realized while watching the recent @stayloudio 'incident':

1. projects are starting to take the Korean community much more seriously. In the past, Korea was often dismissed as simply "a nation of traders," and getting a coin listed on a Korean exchange was considered the main priority.

But with the recent @initia governance prop39, and now the LOUD case as well, it feels like Korean users are waking up to on-chain participation—and even engagement farming.

When that concentrated intensity Koreans are known for gets applied to on-chain activity and engagement, I think projects will start to recognize Korea as a much more important market.

Koreans really do feel like they were born for crypto, and yet the government continues to regulate the space... Korea’s role in the crypto industry is definitely unique and peculiar.

2. And speaking specifically about the LOUD! project—it’s interesting because, in order to survive in the market, you ultimately need "attention." Up until now, gaining attention typically required something shocking, beautiful, or extremely high-quality. That’s the formula most teams used for marketing and building products.

But the LOUD project simply made noise to attract attention—and that attention snowballed into more attention. They succeeded with a method that feels very “counterintuitive.” I think the core idea is: “What matters is getting attention—you don’t necessarily have to follow the conventional paths to earn it.”

All in all, it’s definitely a fascinating project.

最近の @stayloudio の「事件」を見て気づいた二つのこと：

1. プロジェクトは韓国コミュニティをもっと真剣に受け止め始めています。過去には、韓国は単に「交易国」として軽視されることが多く、韓国の取引所にコインを上場させることが最優先事項と見なされていました。

しかし、最近のイニシアガバナンス事件や、現在のLOUDのケースなどを通じて、韓国のユーザーがオンチェーン参加やエンゲージメントファーミングに目覚めているように感じます。

韓国人が知られている集中した熱意がオンチェーン活動とエンゲージメントに適用されると、プロジェクトは韓国をより重要な市場として認識し始めると思います。

韓国人は本当に暗号通貨のために生まれたように感じていますが、それでも政府はこの領域を規制し続けています... 韓国の暗号業界における役割は間違いなくユニークで特異です。

2. LOUD! プロジェクトについて具体的に話すと、興味深いのは、市場で生き残るためには最終的には「注目」が必要だということです。これまでのところ、注目を集めるためには、衝撃的、美しい、または非常に高品質な何かが必要でした。それがほとんどのチームがマーケティングや製品構築のために使用した公式です。

しかし、LOUDプロジェクトは単に音を立てて注目を集め、その注目がさらに増幅されました。彼らは非常に「直感に反する」方法で成功しました。私が思うに、核心的なアイデアは「重要なのは注目を集めることです—それを得るために必ずしも従来の道を歩む必要はありません。」

全体として、間違いなく魅力的なプロジェクトです。

興味深い事実 @MaplestoryU と韓国の官僚について

最近の @MaplestoryU のトークン上場に関するこのケースと、韓国のゲームプレイに関する規制は、韓国がどれほど独特に複雑であるかを再度思い出させてくれました。

1. ゲームはギャンブルとして分類されない必要があるため、韓国の規制はプレイヤーが価値に交換できるゲーム内資産を得ることを厳しく禁止しています。

2. 同時に、韓国のユーザーが外国主導の暗号プロジェクトの「流動性出口」として単に利用されることに対する批判が続いており、より厳格な上場基準の要求が出ています（ただし、より厳格な基準が本当に何かを変えるかどうかは議論の余地があります）。

それにもかかわらず、MapleStoryトークン（$NXPC）はすべての主要な国内取引所に上場されており、ゲーム自体は基本的に韓国でプレイヤーがトークンを得ることを許可されていません—その結果、海外のプレイヤーだけが実際にトークンを供給できる状況になっています。

皮肉なことに、@MaplestoryU は韓国のユーザーがゲームトークンの最大供給者となる完璧なケースになり得たかもしれません。

結局、この状況は偉大な経済学者ルートビヒ・フォン・ミーゼスの言葉を思い起こさせます：規制が規制に出会うと、しばしば意図しない結果をもたらします。

Interesting fact about @MaplestoryU and Korean Bureaucrats

This recent case involving @MaplestoryU 's token listing on Korean exchanges and the Korea's regulation of in-game play once again reminded me of how uniquely complex Korea can be.

1. Since games must not be classified as gambling, Korean regulations strictly prohibit players from earning in-game assets that can be exchanged for value.

2. At the same time, there has been ongoing criticism of Korean users being used merely as a “liquidity exit” for foreign-led crypto projects—so-called “burger coins”—with demands for stricter listing standards (though it’s debatable whether stricter standards really change anything).

And yet, the MapleStory token($NXPC) is being listed on all major domestic exchanges, while the game itself is essentially blocked in Korea from allowing players to earn tokens—resulting in a situation where only overseas players can actually supply the token.

Ironically, @MaplestoryU could have been the perfect case where Korean users became the largest suppliers of a game token.

In the end, this situation brings to mind the words of the great economist Ludwig von Mises: when regulation meets regulation, it often leads to unintended consequences.

My Korean friends at Sui community keep asking me about @ATTNtoken.

They believe I might know something about it. But tbh, I have no idea how it works.

But it somehow makes sense because attention is the most valuable asset in crypto.

I am curious. how @ATTNtoken along with @GiveRep can re-shape Sui's social presence.

Give me some hint @0xrooter

I am super happy to receive messages like this.

A LOT of #SuiBasecamp attendees have said the same thing. They loved @FourPillarsFP reports on @SuiNetwork and @WalrusProtocol.

The community's appreciation is what motivates us to keep writing about good protocols.​​​​​​​​​​​​​​​​

Just so you know, our reports on Sui and Walrus will be available in our website in a week!

I first became aware of @SuiNetwork's technology in early 2022.

I believe I was among the first Korean researchers to discuss Sui.

After Sui launched its mainnet in May 2023, I continuously worked to introduce and promote Sui’s tech in Korea.

From 2024, I began making more substantial research contributions to the Sui ecosystem in English as well.

Last year I participated in Basecamp as an attendee, and this year I was honored to deliver a 15-minute keynote speech as a speaker.

This was my first time giving such a lengthy presentation alone in English, and I was thrilled with the positive reception.

Additionally, we brought 900 copies of the @FourPillarsFP Reports + Brochures (on @SuiNetwork, @WalrusProtocol), which were all distributed over two days.

The response from Sui community has been excellent.

As a research company, it feels like we've reached another milestone.​​​​​​​​​​​​​​​​

@SuiNetwork 🤝 @FourPillarsFP