# Сопутствующие статьи по теме Airdrop

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Airdrop", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Truth, Bubbles, and Illusions: Looking Back at the 2025 Crypto Report Card

Based on the article "Truth, Bubbles, and Illusions: A Look Back at the 2025 Crypto Report Card," here is a summary of its main points: The author reflects on their 2025 predictions for the crypto market. They admit to being wrong about Bitcoin's peak in Q4, as the cycle held, and wrong about a memecoin or AI agent supercycle, as retail investors favored traditional assets like gold and AI stocks instead. The AI x Crypto narrative saw mixed results with project development but poor token performance, and NFTs were declared "dead." Key insights from 2025 include: 1. **Bitcoin ETFs acted as a floor, not a ceiling:** Massive selling by long-term holders created a $95B supply overhang, causing BTC to underperform. However, its correlation with traditional risk assets fell, which is bullish long-term. 2. **Airdrops are not dead:** Nearly $4.5B was airdropped in 2025 (e.g., Story Protocol, Berachain). The game has shifted towards requiring more focused, high-conviction farming due to points fatigue and better Sybil detection. 3. **Fee switches set a price floor, not an engine for growth:** Token buybacks from fees establish a bottom price but don't guarantee appreciation, as seen with UNI's price action. The market treats everything as a trade. 4. **Stablecoins gained traction for payments, but "proxy trading" was difficult:** Stablecoins like USDT saw real-world adoption for payments. However, investing in related equities (e.g., Circle's IPO) proved challenging, as gains were often sold into. 5. **DeFi is more centralized than CeFi:** High concentration was observed in lending (Aave), L2s (multisigs), and oracles (Chainlink). Conflicts between equity holders (e.g., "Labs") and token holders raised questions about true ownership and governance. The overarching conclusion is that 2025 marked the "death of HODL culture." Everything became a short-term trade with very brief exit windows, and long-term conviction in tokens vanished.

比推01/12 04:09

Truth, Bubbles, and Illusions: Looking Back at the 2025 Crypto Report Card

比推01/12 04:09

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