If the user neither wants VC coins nor meme coins, then what does the user want?

1. Pre-sequence

Recently, VC coins and meme coins have sparked widespread discussion within the industry. Many well-known figures are seeking solutions, for example, during the Twitter space event where He Yi answered questions about Girlfriend coins, Jason (Chen Jian) raised the issue of the mechanism for Binance listing Tokens. CZ also published an article titled "A Crazy Idea for Token Issuance," exploring solutions to the related issues.

Teams that truly work hard on projects hope that the market can reward genuine contributors, rather than allowing Ponzi schemes, fraudsters, and speculators to take away the industry's profits and disrupt development. This article will analyze the phenomena of VC and memes.

2. The Past and Present of VC Coin

2.1 The Chaos of ICOs in 2017 - A Dance of Demons

2017 was a key year for the first token issuance in the blockchain field, with the explosion of ICO (, raising over 5 billion USD. The level of madness at that time can be described as "a chaotic dance of demons"; as long as a project was going to conduct an ICO, had someone to endorse it, and had a well-written white paper, it would be frantically sought after.

The main reasons for the explosion of ICOs include:

• The technology for issuing coins has matured, especially with the launch of Ethereum.
• Market Demand
• The concept of decentralization has begun to take root in people's hearts.
• Give people a beautiful expectation
• Low investment threshold

During this period, some classic cases were generated:

• Ethereum) Ethereum(: It has now grown to become the second largest project in the crypto world.
• EOS: raised nearly $4.3 billion, but is now virtually silent.
• TRON: Although controversial, it is developing rapidly and attracting a lot of attention.
• Filecoin: Raised over $250 million, but there are still questions about the healthy development of the project.

The main issues exposed by ICOs:

• Lack of regulation leads to high risks for investors.
• Market bubble, many projects lack actual value
• Insufficient investor education makes it difficult to assess project quality.

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) Entry and Credibility Endorsement of 2.2 VC

VC, through its own credibility and resources, provides more reliable support for projects, helping to reduce the problems caused by early ICOs. At the same time, it also plays a role in helping users filter projects.

The main function of VC:

• The shortcomings of grassroots financing as an alternative to ICOs
• Empower the project ecosystem
• Promote industry compliance

2.3 VC coin的问题

VC coins also show some limitations in the later stages:

• Conflict of Interest
• Unable to solve the subsequent project development issues
• Conspire with the project party to deceive retail investors ### part of the project and VC (

The main issue with VC coins is that after the project goes public, the team lacks the motivation for continued development, and both the VC and the project team may cash out and run away. This phenomenon makes retail investors very resentful of VC coins, but the essence still lies in the lack of effective supervision and management of the projects.

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3. The Fairlaunch of Inscription and the Memecoin Phenomenon

) 3.1 The Outbreak of Inscription and Fairlaunch

In 2023, there has been a trend of the explosion of inscription technology and the popularization of the Fair Launch model in the blockchain field. This reflects the pursuit of decentralization and fairness by users and the community.

Reasons for the outbreak of inscriptions:

• The Bitcoin ecosystem needs innovation
• The user's demand for anti-censorship and decentralization
• Low threshold and wealth effect
• Resistance against VC coin
• The appeal of fair launch

Issues with inscriptions:

• Pseudo-fairness
• Liquidity Challenge
• Value loss
• Lack of application scenarios

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) 3.2 The Explosion of Pumpfun and the Memecoin Phenomenon

In 2024, the Pump.fun platform based on the Solana chain rapidly emerged as the core battlefield for memecoin issuance. The platform, through a complete token service process and speculative hype mechanism, generated a significant impact for memecoins in 2024.

The main issue with memecoins:

• Systemic fraud and trust collapse
• False advertising is rampant
• Market ecosystem distortion

Memecoin has evolved from its early entertainment function to mid-late stage PVP, and later transformed into PVB, becoming a tool for a few experts to harvest retail investors. The lack of effective value injection is a serious problem.

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4. What kind of projects do users or the market want?

) 4.1 Summary of Existing Issues

The main issues of current Web3 projects:

1. The project lacks sustained momentum for development.
2. PVP issues are serious, lacking true fairness.

Solution direction:

1. Improve project management: restrict project parties or VCs from obtaining large amounts of funds too early.
2. Introduce sustainable external value injection: solve the PVP problem, reward medium to long-term Token holders and builders.

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) Management issues among different stakeholders and different stages of the project.

Stakeholders in the project:

• Project Team
• Investor
• Foundation
• Users and Community
• Miner
• Exchange, Market Maker
• Other project ecological partners

Analyze issues from multiple aspects such as issuance, circulation, and governance:

1. Token issuance: raise funds and distribute to users
2. The circulation and management of Tokens: Managing Tokens through various applications.
3. Project Governance: Combining DAO and Foundation Models for Fund and Ecological Management

4.3 How to Build Projects for the Long Term ### Value Capture and Value Injection (

Value capture and external value injection are the two main pillars of the Web3 economic model. The core challenge lies in balancing short-term incentives with long-term value, avoiding falling into "paper models" and Ponzi schemes.

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5. Analysis of the Previous Two Crypto Bull Markets and the Possibility of the Next Explosion

) 5.1 The ICO frenzy of 2017

Main driving factors:

• ICO craze
• Bitcoin Forking and Scaling Controversy
• The rise of the Ethereum smart contract ecosystem
• Global liquidity easing and regulatory gaps

5.2 DeFi Summer of 2021

Main driving factors:

• The explosion and maturation of DeFi
• NFT Breakthrough and Mainstreaming
• Institutional capital entering on a large scale
• Global macroeconomics and monetary policy
• The acceptance level in mainstream society is increasing.
• Multi-chain ecosystem competition and innovation
• Memes and Community Culture

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) 5.3 Next Bull Market Prediction

Potential driving factors:

1. The Rise of Web3 Mass Applications and User Sovereignty
2. Deep Integration of AI and Blockchain
3. The interoperability between global central bank digital currencies ### CBDC ( and stablecoins.
4. Bitcoin Ecosystem Revival and Layer 2 Innovation
5. The regulatory framework is clear, and institutions are fully entering the market.
6. Geopolitical Conflicts and the De-Dollarization Narrative
7. Meme Culture 3.0 and Community DAOization

The most likely drivers of the bull market in 2025:

• Bitcoin ecosystem and Layer2 innovation, based on new models generated by new asset issuance and trading.
• The combination of AI and Web3, AI-enabled trading models

The specific timing of a bull market outbreak also needs to consider external environmental factors.

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