Author: Zuo Ye Web3
Give freedom to money, put a price tag on information.
The economy devours society, technology distorts the economy, finance becomes the target of technology, and Meme takes the virtualization of finance to the extreme.
Every era's giant waves leave behind either gold or sand. From .ETH suffixes to tutorials on creating accounts by wildly posting Yaps, without exception, they are washed away into oblivion by time, especially in the cryptocurrency industry, where there has always been an extremely short path to content monetization.
But what I observe is only fragmentation—the separation of information flow and capital flow. Public chains divide due to crowds, Memes isolate interconnection, and only entropy increase is eternal.
The transformative years are unprecedented in the history of human financial evolution, leading to the following situations becoming commonplace:
- In the typical crypto context, the destiny of information is to become a commodity for buying and selling;
- Nation-states are reclaiming authority, and no investment target can leap over the boundaries of power;
- Value preservation lies in lossless transmission, and the flow of information can severely damage fundamental commercial value.
Binance Square's疯狂引流 (frenetic traffic acquisition) hides an inherent worry about the high-energy consumption of mining Memes. Twitter's抢占 (seizing) the financial traffic entrance is also draining the pond to catch the fish,延续 (continuing) the two-way entanglement of capital and information.
Separation Anxiety: The Breakdown of Information Flow and Capital Flow
Binance cannot enter the global order and can only constantly update and maintain its commercial value.
If we have some perception of the early history of cryptocurrency, we would not doubt ICOs and Chinese Memes. This is indeed a precise, destined wealth-creation movement, as long as you run faster than the latecomers.
It's just that 2017 tested hand speed, and 2026 tests internet speed.
This is not sarcasm. Speculation and investment have never hindered the名利双收 (fame and fortune) of "Bitcoin evangelists." Even the evangelists themselves are sources of hype. Going all-in on EOS and selling ETH too early have all turned into late-night stories with friends at some point, triggering Twitter's traffic effects.
Recalling the past hides an acknowledgment of information value preservation. Celebrity stories and current Tickers often trigger奇妙联动 (wonderful联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动联动极致的 Bot accounts are not scripts but endless human GM and account creation guides;
The real difficulty lies in the process of information guiding capital. From any trading product in the industry to buyback mechanisms, they all emphasize that capital will align with users' information preferences. The ultimate version of this scheme belongs to Hyperliquid's Builder Code's transparent rebate.
Image Caption: Binance Meme Movement Timeline
Image Source: @zuoyeweb3
Most rebate mechanisms and information dissemination are difficult to directly correlate. This is not to say that exchanges cannot distinguish the source and destination of rebates—OKX's ability to ban user rebate accounts is a case in point—but is trading really related to the KOL's content?
The medium is the message, the rebate is the content.
配合 (Combining with) the IV=YQ formula, we can even "roughly" correspond to the information dissemination chain, and also correspond to the fact that a certain KOL确实有极强的带单能力 (indeed has a strong ability to lead orders), but there is no way to确定 (determine) that the KOL's content preference will trigger trading growth.
If we understand this, then we can see the intermediate stage of capital flow, but we cannot track every link of information flow. Official hot searches, recommendation algorithms, and regional language preferences will all lead to "can go viral." Meme actually becomes an immeasurable "feeling."
This is why Binance or exchanges personally engage in marketing, while also acquiring traditional crypto media and KOLs.投流 (Traffic buying) is not for user acquisition but to maintain a fully systematic distribution channel. The ultimate form of this model is Binance's two Founders personally leading Meme orders and持续带单 (continuously leading orders).
This is similar to the Irving Fisher equation. Under the traditional currency issuance framework, the circulation speed of paper money cannot be precisely calculated. Under the information interference of CT (Crypto Twitter community), we also cannot practically measure effective information or information flow speed. With statistical methods, we might glean some insights from KOL Agency data, but it will eventually turn into trading data on CEX or DEX.
This may be the source of Binance's anxiety. It is not strange that information occurs outside the Binance system, but the loss of control over information flow makes Binance unable to precisely measure the effectiveness of trading. This framework can also explain the disappearance of the listing effect.
要知道 (You must know), traffic is not just a simple entrance; it is also the place where public opinion occurs, amplifies, and where crisis public relations happen. The intertwining of information and capital constitutes the entire essence of the CEX era. Now, all this is being taken by more people.
First, after the failure of globalization, "re-nationalization" is occurring. Various regional power centers are重新得到扩张 (re-expanding). Chen Zhi's nationality and title in Cambodia could not protect himself. The加密之王 (Crypto King) hiding in the Middle East will face more sovereign strikes next.
Second,公链+交易所 (public chain + exchange) was once the strongest information + capital network form. What is on it—RWA, stablecoins, or Memes—is not important. The core is the closed loop from the information end to the capital end, so that手续费 (transaction fees) can continuously feed back into its own ecosystem.
But from the evolution of product forms, we are probably迎来 (ushering in) a major change not seen in ten years. On the one hand, we really need to welcome the conversion of hundred-million-level traffic products. On the other hand, the entire crypto industry faces the crisis of being backend-ized and losing its brand.
Image Caption: History of Crypto Product Evolution
Image Source: @zuoyeweb3
Starting with CEX as the starting point of traffic/capital, we seem to be experiencing a classic four-stage cycle:
1、Unification: CEX
2、Separation (Social Division of Labor)
- Information Flow
- Capital Flow
3、Uniformity (Capital Precedes Information)
- Prediction Markets
- PumpFun
4、Reconstruction: X Hopes to Become the Financial Product Traffic Entrance
When Musk acquired Twitter, he was optimistic about微信的 Super App模式 (WeChat's Super App model). This was his unfulfilled ambition after losing to Peter Thiel's Paypal at X.COM. Actually, WeChat's approach to finance is not as smooth as the public product logic of抖音 (Douyin). The relationship between people is more of a point-to-point interaction. Looking at Western financial products, a finance<>social integration giant has not yet appeared.
I am willing to regard Twitter's integration of cryptocurrency and CEX as an attempt with failed expectations. As long as the expectations are low enough, the hope brought is big enough.
A more interesting perspective is that Twitter is重拾 (picking up again) the "backtracking" of directing traffic to crypto, rather than crypto directing traffic. We once thought that DEX-represented DeFi would devour the world, just like the internet. But the reality is that stablecoins need more merchant support, and BTC has completely become a菀菀类卿 (pale imitation) gold substitute.
Conclusion
Discourse is power, traffic is leverage.
A beginning often only reveals the existence of another beginning.
From the earliest days when CEX gathered information dissemination and capital interaction, we are experiencing a typical period of separation. Shilling and leading orders can constitute everything; it seems that high-quality content导流 (diversion) is not needed, or rather, high-quality content is no longer the beginning of everything.
Finally, what is more difficult is the process of capital guiding information. The vast majority of projects cannot start from here. Perhaps only the美股七姐妹 (Magnificent Seven stocks) can have this effect. If the crypto industry loses the ability to set agendas,只剩下 (leaving only) the internal博弈 (game) of capital, crypto becomes a dying island about to disappear from the world.
Even if trapped in a nutshell, Binance is still the king of the infinite universe—until Musk's dark X arrives,迎接 (welcoming) truly world-class mainstream productization.
