Recently, I saw some discussions about the ecosystem of content creators, which are quite interesting. When applied to the crypto world, the phenomenon is actually the same.

Most KOLs in the crypto world are trapped in a bizarre cycle—seemingly glamorous, yet unable to truly operate independently. They are neither able to engage in market-oriented entrepreneurship nor establish their own business closed loops. You will find that those who remain and continue to work are not only failing to expand the pie, but are further eroding the existing shares. In plain terms, many times it's just "talking the talk"—only making noise without any real effort.

The reasons behind this are quite realistic. A lack of real execution capability, no sustainable business model, and over-reliance on fan enthusiasm... Over time, the vitality of the entire ecosystem has been nearly exhausted. Rather than it being a problem with KOLs, it is more about the need for the entire crypto world content ecosystem to rethink how to retain truly valuable voices.