2025-12-08 15:21:49

After you've been in this space for a while, you'll notice a strange phenomenon: everyone is always talking about "how many times this coin can multiply," and those who truly care about the underlying technology have become outliers. But let me be honest—I’ve seen too many bubble projects hyped up by marketing that end up with nothing left, not even ashes; and I’ve also seen teams quietly focused on tech, who suddenly become industry infrastructure two years later.

This all started with that crazy bull run in 2021. How wild was the market back then? Any random project could draw a few dreams in their whitepaper, get a few KOLs to hype it up, and their market cap would skyrocket. I had a buddy who went all-in on a DeFi newcomer at the time. The concept was definitely sexy—cross-chain + algorithmic stablecoin + DAO governance, all in one. In the first month, his paper gains multiplied fivefold, and when we got together, he’d pick up the tab without blinking.

But I was a bit more cautious and dug into their technical documentation. The problems were glaring: the degree of node centralization was off the charts, data availability basically relied on faith, and the so-called fraud-proof mechanism was just a pipe dream on a PowerPoint slide. I told him back then, the harder this thing pumps, the harder it’ll crash. Sure enough, once the hype died down, the price dropped 95% in three months, and now there’s not even any liquidity left on the secondary market.

On the other hand, there was another project at the same time, Injective, which had zero hype back then. The team was quietly optimizing their order book module, working on things like PGA priority auction mechanisms, and researching state channels to boost throughput—these things sounded boring as hell, not sexy at all. A lot of people thought they were just “tech nerds” who didn’t know how to do marketing.

But looking back now...

INJ0,53%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

22 Likes

Reward
22
6
Repost
Share

Comment

0/400

ApeWithNoChain

· 2025-12-11 14:36

Haha, if you're still chasing highs now, you should have read this article a long time ago. --- Honestly, the tech geek team is the kind that works quietly. When they suddenly rise up one day, you'll realize you've already hopped on the boat. --- I've seen too many scams involving cutting and profiting from new projects in 2021; whitepapers are more fictional than novels. --- Injective is the real deal, but unfortunately no one cared back then. Now it's too late to regret. --- Digging into technical documents definitely requires a lot of caution; otherwise, you'll end up like his friends going all-in and losing blood. --- It's outrageous that node centralization still has people buying in. This circle is truly about faith recharge. --- So don't just look at the price increase; you need to see if the underlying infrastructure is solid. --- That DeFi project at the time was really hyped up, and then... goodbye to you. --- That's why I now prefer to wait two years with the tech team, rather than chase hot projects. --- PGA auction mechanisms, state channels... these things are dull but really the future. --- The worst is meeting those who only do marketing but lack technical skills; eventually, they'll collapse.

View OriginalReply0

BlockchainGriller

· 2025-12-11 14:03

Is the project that guy went all-in on back then still around? It’s probably already wiped out. Technology is indeed the key, but to be honest, most people can’t understand the code at all; they just follow the trend and shout buy. Injective’s recent situation definitely made some people feel neglected and unloved, but it stubbornly managed to... kind of feel like a slap in the face. The white paper PPT set, back in 2021, was incredibly impactful. Are people still falling for it now? I agree with your point, but on the other hand, how many people actually read technical documents nowadays? Almost none. There are too many burst bubbles; now I feel numb when looking at any project. The key is to analyze the code yourself, but who has that free time? That’s why I now ask myself one question—are there any legitimate audit reports? There are too many storytellers. Projects like Injective that quietly make big money are definitely worth a second look. The market just loves those sexy scammers.

View OriginalReply0

TokenAlchemist

· 2025-12-08 15:51

tbh the 95% rug thing happens every cycle... but yeah, those orderbook optimizations and state channels actually move the needle long-term. injective's MEV resistance architecture genuinely > most layer2s' arbitrage surface exposure. most people can't even parse what PGA auction mechanics *do*, so they dismiss it as "unsexy." classic information asymmetry play right there

Reply0

GateUser-c799715c

· 2025-12-08 15:51

Honestly, I've seen too many people fail because of marketing stories; sometimes the real goldmine is actually in the unremarkable technology.

View OriginalReply0

ApeEscapeArtist

· 2025-12-08 15:50

Seriously, when I saw that guy go all-in on that project back then, I knew it was doomed. No matter how flashy the whitepaper is, it can’t cover up the main issues. Going all-in on that kind of centralized garbage is basically just giving money away, and what’s even more ridiculous is that a bunch of people still followed the trend. Projects like Injective, quietly focusing on technology, are the ones that actually survived—pretty ironic, huh? Those still chasing the price swings are just waiting to get wrecked. You have to get burned once to really learn.

View OriginalReply0

BearMarketBarber

· 2025-12-08 15:49

Really, how's that guy doing now after a 95% drop? Haha Tech is something that takes time and craftsmanship—back then, who cared about it? I just believe in those who keep their heads down and work; it's way better than those who brag every day. Nobody paid attention to Injective back then, but now it's thriving. You really have to dig into the whitepaper—don't get fooled by concepts.

View OriginalReply0