"Gate Live Roundtable Discussion" Issue 1 of 2026: From Frenzy to Maturity, Has the "Golden Age" of the Crypto Industry Ended?

“Gate Live Roundtable Discussion” is a Chinese-language crypto roundtable interview program created by Gate Live. It airs promptly every Tuesday at 20:00, focusing on the most discussed industry topics of the moment. The program regularly invites core practitioners and frontline observers from fields such as blockchain, Web3, DeFi, Ethereum ecosystem, stablecoins, as well as compliance and policy, to join in deep exchanges in the live broadcast room.

The roundtable adopts a relaxed, open, and authentic dialogue atmosphere, exploring market trends, industry disagreements, and key variables from multiple perspectives, helping viewers form clearer and more rational judgments amid complex market narratives and fluctuations.

This episode’s theme: From Frenzy to Maturity, Has the “Bonus Period” of the Crypto Industry Ended?

Guests for this episode: Well-known KOL in the Chinese crypto community — Mark RuoMcrowe, Chloe, Crypto.0824

The content of this program is for information exchange and opinion discussion only and does not constitute any investment advice.

(This content is compiled from the live replay, with text assisted and appropriately edited by AI. For the full content, please copy the link: https://www.gate.com/live/video/fdf93444bbe4dee88ed5abaa5d62f968)

Host Jesse:

Over the past year, the crypto market has experienced unprecedented turbulence and restructuring, with many calling it the industry’s “year of maturity.” From feverish narratives to rational return, from retail sentiment to institutional pricing, we seem to be at a turning point. Tonight, we will discuss a core question: Has the crypto industry’s bonus period truly ended?

We are honored to invite three industry veterans who have been deeply involved in crypto for many years: Mark RuoMcrowe, Chloe, and Crypto.0824. They will bring different perspectives and insights.

Before diving into the topic, let’s have each guest introduce themselves and say hello to our audience.

Mark RuoMcrowe:

I am Mark RuoMcrowe, with about five years of experience in trading, with ongoing research into both derivatives and spot markets. I also regularly do investment research analysis. You can check out my past articles and viewpoints.

Chloe:

I’m Chloe. I officially entered the crypto space in 2023. At that time, I worked as a researcher at a smart contract security auditing firm, mainly focusing on contract security research.

Early 2024, I joined a Web3-focused investment fund, responsible for pre- and post-investment research and ongoing follow-up. Later, I transitioned to marketing, currently creating content full-time.

Crypto.0824:

I’m Crypto.0824. Glad to participate in this roundtable to discuss the current crypto market. I mainly focus on derivatives and spot trading, and also research and participate in active Alpha coin trading on major platforms recently.

Host Jesse:

Let’s officially start the discussion. First, we observe a phenomenon: Bitcoin has hit new highs continuously, but most altcoins lag behind or even plummet over 80%. Does this mean the market is shifting from “a hundred flowers blooming” to “the strong get stronger”? Please share your views.

Mark RuoMcrowe:

Analyzing from 2024 to 2025 as a dividing line, this change is quite typical. In previous cycles, when Bitcoin rose, almost all coins would rise together. The main reason was: at that time, market capital was relatively small, and the number of coins was far fewer than now. Limited funds distributed over fewer assets tend to create a “big flood” effect.

But now, the situation has changed significantly. On one hand, tens of thousands of new tokens appear on-chain daily, and the number of projects far exceeds the capacity of available funds. Under this background, even if Bitcoin rises, capital is hard to spill over into other ecosystems, leading to the phenomenon of “BTC up, others stagnant.”

On the other hand, market attitude towards VC projects has shifted markedly. Many VC tokens had fully diluted valuations (FDV) of 10-20 billion early on, but their actual user base and revenue are almost zero, creating bubbles that are very serious, even regarded as “air coins” by the market. In this context, investors naturally hesitate to buy in, and prices of such VC tokens often crash sharply, failing to rise in sync with Bitcoin.

Additionally, a key feature of this cycle is that it is mainly driven by institutional funds. Institutional investors prefer long-term dollar-cost averaging into Bitcoin, Ethereum, and other assets considered to have long-term value and consensus, rather than flooding into small and medium-cap coins as before. Compared to previous times, the overall market is more rational, with funds more concentrated in projects with real value support.

In summary, the current market has shifted from the past “a hundred flowers blooming” to “the strong get stronger.” Projects with genuine revenue and business models still see their tokens’ prices rising steadily, such as some exchange platform tokens that continue to appreciate.

Chloe:

I think this year’s secondary market performance is highly differentiated.

I recall a friend who, during the 2022-2023 bear market, kept accumulating mainstream and altcoins. By 2024, a small bull run emerged, and most of his holdings doubled or more.

In the past, the common logic was “accumulate in bear, sell in bull.” But this year, the situation changed dramatically. Many altcoins have nearly zeroed out. Coins he didn’t sell in time kept depreciating, which made me realize that the market logic has fundamentally shifted; the cycle no longer rewards “diamond hands.”

In earlier markets, retail investors were willing to buy into narratives. From DeFi Summer, NFTs, to BRC20, countless wealth myths of hundreds or thousands of times appeared, pushing prices higher. But now, the market is more like “drought kills the drought, flood kills the flood.”

As Teacher Ma just mentioned, the new funds in 2025 mainly come from large institutions and ETFs. These funds mainly allocate to Bitcoin and some mainstream assets, viewing them as “digital gold.” These assets have existed for years and indeed have some innovation and real value.

For projects that are “all air,” relying only on PPTs and creating false prosperity, big institutions have little interest. Over time, enthusiasm for such narratives is rapidly waning.

Meanwhile, the threshold for issuing tokens is very low, with many new projects launching daily, leading to severe dilution of capital. Old users who have already entered do not have new chips, and with new tokens launching and dumping immediately, plus the long-term stagnation of their previous holdings, risk appetite has dropped sharply, and they dare not buy easily anymore.

Last year, the market focused on VC overvaluation issues, coupled with some “secret wealth creation effects,” which further amplified market contradictions. High FDV projects that dump immediately upon listing discourage user participation; Meme coins continue to create myths of hundreds or thousands of times, attracting many users to try to get high returns with small funds.

But under survivor bias, what people see are often only the successful cases. In reality, the situation may be more brutal than the 80/20 rule suggests—perhaps 99% of people end up losing money. Both VC coins and Meme coins have been repeatedly “educating” market participants, making them more cautious, even reluctant to participate easily. Moreover, the ecosystem and tracks are highly fragmented. Solana, BSC, Base, AI, and other narratives run in parallel, with funds and attention constantly dispersed, making it hard for retail investors to judge which ecosystem to enter or which assets to deploy, resulting in a state of “at a loss.”

In summary, these factors have led to a significant differentiation in the current secondary market: even as Bitcoin hits new highs, most altcoins still show no obvious performance.

Crypto.0824:

Both teachers just now have deep experience in crypto and very mature market judgments. My own clear feeling is that not only is the content changing, but the entire crypto market itself has also begun to show clear stratification, even to the point of “two parallel worlds.”

Looking at this bull cycle’s core drivers, the main forces behind the rally are ETFs and large institutional funds from traditional finance. These funds are very focused—they care more about the long-term allocation value of assets like Bitcoin, regarded as “quality assets,” rather than whether Web3 will bring revolutionary changes.

In this context, a lot of liquidity and “old money” have entered Bitcoin. Ethereum, Solana, and some mainstream altcoins may see some spillover effects, but overall, the results won’t be particularly ideal, and a broad rally is unlikely again.

I see this as a deep cleansing. The “big washout” is of the relatively loose playstyle of the past few years: frequent meetings, roadshows, project teams talking about trends and painting big pictures, depicting a seemingly vast blue ocean; then token unlocks and continuous selling, shifting risks to retail investors. This model is rapidly becoming ineffective.

Market participants have been repeatedly educated about this narrative, and are increasingly aware of its essence—mostly just a bubble. The sharp decline of many altcoins is not accidental but a natural result of bubble bursting. Projects that can still create value in the future will mainly have two core qualities: genuine profitability or real, sustainable community value. Those lacking fundamentals will likely go to zero.

Therefore, I also want to remind users who still hope to “recoup losses” or “revenge profits” on air coins: if you’ve already gained short-term profits, try to exit timely and avoid overthinking whether you can make more. Otherwise, when liquidity recedes, you may suffer irreparable losses.

Host Jesse:

In the past, we often heard grand narratives like Web3 and Metaverse, but now more people focus on actual product progress, user growth, and revenue models. Is the crypto industry shifting from “storytelling” to “doing real things”? How can it prove its value from narrative to product?

Mark RuoMcrowe:

Currently, the mainstream direction is shifting from air coins to genuinely valuable assets. As Chloe just mentioned, since last year’s big discussions, the market has begun to reassess the fundamentals of VC coins and Meme coins.

Some leading DeFi protocols have demonstrated real profitability, with fee income surpassing some traditional financial institutions. Certain Web3 protocols’ revenues are already significantly higher than traditional banking outsourcing systems.

From last year to this year, major exchanges have been very active in payments and stablecoins. As related companies go public, stablecoins issued through RWA or financial asset packaging are widely used in cross-border payments and other real-world scenarios, gradually becoming high-frequency payment tools in the real economy. In comparison, traditional transfer channels are more complex and costly.

Overall, Web3 infrastructure development over these years has been relatively solid—L2 solutions, modularization, and payment capabilities are gradually being implemented. Meanwhile, Web2’s advanced productivity, such as AI, is also integrating with Web3, showing good user experience in some projects.

For example, in cross-chain and trading scenarios, AI can help users automatically choose better routes, lowering operational barriers, which is very friendly for attracting new users. In the payments sector, crypto cards and payment tools are replacing some cumbersome traditional withdrawal methods, which is a significant change.

In the future, the market will favor projects with strong fundamentals. The focus will shift from mere user numbers to whether the project truly solves problems. Projects that cannot generate real value, relying only on narratives and hype, will find it hard to sustain long-term.

I believe that upcoming projects’ business models and sustainability will become more important than short-term sentiment and concepts, marking a clear structural shift.

Chloe:

Everyone just now mentioned some consensus views. I think 2025 can be seen as the “end of air narratives.” The market has shifted from “telling stories, painting visions, making money through narratives” to a focus on whether projects have real value, especially whether they have cash flow and sustainable income.

The entire industry is moving from wild growth to compliance, increasingly aligning with the real economy. Investors are starting to evaluate crypto projects like stocks—focusing on active users, actual revenue, and whether these revenues can support team operations and long-term growth, rather than creating fake interactions for airdrops.

At the same time, whether projects can solve real-world problems is crucial. Clear directions this year include RWA, AI, and prediction markets. RWA involves bringing real assets like US bonds and real estate onto the chain, helping attract more Web2 users into Web3; payment applications like crypto cards and payment tools are addressing real travel and cross-border payment needs, allowing users to feel the practical value of crypto in daily life.

Additionally, AI’s integration with Web3 is beginning to improve efficiency and lower entry barriers, which is very friendly for new users. Another obvious change is that the market no longer blindly buys airdrops. As arbitrage opportunities decrease, users who interact solely for airdrops are gradually exiting, and protocols are paying more attention to long-term value for genuine users.

I believe that in the future, the crypto industry must prove its value through “internal competition.” Projects need to shift from storytelling and data manipulation to real product development. Those that focus on making real profits or have genuine, sustainable community value will be recognized; projects solely aiming to harvest will be eliminated or struggle to survive.

For example, prediction markets with cash flow and real use cases not only promote industry innovation but also successfully attract Web2 users into Web3. Such high-practicality projects could become new entry points, pushing Web3 into broader public awareness.

Crypto.0824:

Everyone keeps emphasizing products and audiences. The core reason is that the crypto space is no longer the same as before. Relying solely on pie-in-the-sky stories and narratives is no longer enough to attract money; real skills are now essential for survival.

Not only project teams but also KOLs are affected. In the past, they could make money by boosting data, but now the market has changed—you must have genuine ability in a certain area, whether research, trading, or “farming,” and be able to help others profit. That itself is a skill.

Web3 follows the same logic. Previously, everyone focused on visions; now, only two things matter: how much real income you generate or how many real users you retain. Traditional valuation logic is returning. If a protocol can generate stable daily fee income, it’s a good project; if it only has PPTs, no real implementation, and no market recognition, it has no value.

Therefore, directions like DeFi and stablecoin payments remain hot because they have real demand and cash flow, more like building infrastructure. The road is gradually being built; what’s missing now are good products that can run on this road and bring users and value in.

Host Jesse:

Many retail investors now feel that making money is increasingly difficult. As the market becomes more professional, many retail players feel overwhelmed. With institutions becoming major participants, does this mean the “grassroots bonus” has completely disappeared?

Mark RuoMcrowe:

I believe the grassroots bonus still exists, just less obviously. Web3 remains one of the most likely fields to create sudden wealth opportunities across all industries, and this hasn’t changed for individuals and grassroots players.

Whether it’s chasing “dog coins,” farming airdrops, engaging in derivatives, arbitrage, or holding coins long-term with “diamond hands,” a tiny fraction of people will truly profit. The reason it feels like the bonus is less is because institutions are also competing in the same market.

The way people produce value has changed. Early on, chasing dog coins relied on individual discovery and manual buying; now, more is done via automation—batch capturing hot spots and participating in many projects simultaneously. Some grassroots players can’t keep up with this change and are naturally eliminated, but as long as they are willing to invest time and learn, Web3 still offers a much higher opportunity density than other industries.

I suggest grassroots players aim to become “advanced retail investors.” In the primary market, understand basic on-chain analysis—such as token concentration, presence of whales; in the secondary market, monitor chip movements and key info, rather than blindly buying and waiting for explosion, or relying on high leverage to gamble—such approaches have very low success rates now.

Also, grassroots players are not entirely at a disadvantage. Institutional funds are large and heavily regulated, with less flexibility in entering and exiting. Big ships find it hard to turn around quickly, giving retail investors an advantage in agility and timing, which can be leveraged.

Chloe:

I believe the industry’s bonus is not gone, just the “money-making bonus” has disappeared; the cognitive bonus still exists.

As Teacher Ma just said, ordinary retail investors need to gradually become “advanced retail investors,” starting with basic research rather than blindly following others or trading impulsively. The era of blindly buying in the hope of quick gains is over. Early on, projects like Dogecoin and Ethereum could double with eyes closed, but whether you could hold them long-term was uncertain.

Now, the market no longer rewards mere “diamond hands.” It requires continuous observation of market changes and news. Blind buying often means giving money to institutions. I’ve worked in VC before; they do have information and capital advantages, but they also get caught in market traps.

For ordinary investors without insider info, the best approach is to analyze public info—whitepapers, token distribution models, future plans, partnerships, market makers’ past styles—and infer potential trends. But these clues can also be misleading, so long-term tracking and learning are essential.

Therefore, I think continuous observation, learning, and keeping an open mind to new things are key to gaining cognitive benefits. Overall, the industry is maturing. With increased regulation, the wild growth phase is over. The myth of 100x returns will become rarer, and success will depend more on learning and judgment.

I also suggest paying attention to less mainstream creators who keep exploring new things. When everyone knows about something, the red profit is usually gone. This applies to crypto as well.

Investment can roughly follow two paths: early deployment for high multiples, or heavy participation when trends are clearer for more stable returns.

Crypto.0824:

I strongly agree with Chloe’s point. The market is now completely different from before. In such a market, retail investors should deepen their skills—improving research, judging which projects are truly valuable, and which are just hype; or leveraging their resources by following diligent researchers and continuously monitoring their insights. This itself is an effective path.

The old model of wild growth and cowboy-style expansion is over. Now, retail investors are not without opportunities—they are in a “jungle” environment, needing to hunt for themselves, but also aware of the dangers.

We must admit that in mainstream coins, retail investors cannot compete with institutions in terms of capital and computing power. The market volatility itself is highly dramatic, making it nearly impossible to achieve tenfold gains on Bitcoin or similar assets.

But at the same time, opportunities still exist outside the mainstream and asset layers. Due to compliance restrictions, institutions usually avoid early-stage “dog coins” and find it hard to deeply engage in complex on-chain games, leaving some space for retail—these are relatively scarce opportunities in on-chain PVP.

I also notice that some bloggers kept developing other skills last year, but are gradually stopping now. The future trend is clear: institutions focus more on core technology, strength, and compliance resources, while retail relies more on outlook judgment and execution speed.

I believe high-quality KOLs and communities are very important. Feedback from community users helps gauge market sentiment and analyze from a “veteran” perspective, rather than over-emotional speculation. This can lead to clearer, more rational judgments of the current market.

Host Jesse:

Given the current “hellish difficulty” in the market, how should individual investors adjust their mindset and strategies?

Mark RuoMcrowe:

I think the most important thing is to stay true to your original intention. After making money in Web3, I tried many similar new tracks, but most ended in losses. For example, I mainly traded, then tried new token arbitrage, farming, or different trading techniques. Looking back, during most losing phases, sticking to proven profitable methods yielded better results.

My strategy is: after trading, buy more Bitcoin, and use the rest to top up Alpha or leverage on certain opportunities when confident. In bull markets, Bitcoin accounts for about 50%; in bear markets, about 80%, with the rest used to chase opportunities.

Bear markets are better for accumulating Bitcoin, and in bull markets, Bitcoin is likely to realize gains. Overall, I suggest that if you find it hard to make steady profits through trading or spot buying, it’s better to focus on studying a specific niche.

Most successful quant teams, retail traders, and project teams focus on one track and become experts in it. Going all-in is a form of wisdom, but only if the timing is right. Doing trades is similar—buying at 14k or 1k makes a huge difference.

So, I recommend focusing on one track. For trading, specialize in one method; for other directions, focus on one aspect. This requires personal research. Since I don’t study other tracks much, I tend to share more about trading. Finally, I hope everyone makes a lot of money and gets rich quick.

Chloe:

I’m a new entrant, only entered crypto last year, so I strongly agree with continuing proven successful methods. If a certain approach works well and feels good, keep replicating it; if it fails, avoid it quickly. Last year, I followed the trend—when TRUMP token appeared, I judged it as a significant event. Despite some pullbacks, I still gained good profits.

These experiences made me realize that during good markets, it’s easy to get illusions of easy money. When the trend weakens, if you don’t stop, you risk giving profits back to the market. So, during downturns, it’s more important to stay calm, observe more, operate less, and take profits or exit timely.

I also see many around me who took high floating profits but didn’t sell due to lack of discipline, ending up with serious retracement. Whether trading, farming, or farming airdrops, the key to making money is whether you strictly follow your rules.

At this stage, I prefer to stay alive first—keep most funds in mainstream coins, and a small part in projects I truly understand. If I can avoid losses in 2025, I’ve already beaten most people. As long as I stay in the game, opportunities will come again.

Crypto.0824:

First, I want to emphasize that to make money in the market, you must have certain capital and principal. When participating, be clear about your capital structure, allocate funds to different accounts, and always keep some funds that can turn around. Otherwise, even if good opportunities appear, you might miss them.

Chloe mentioned TRUMP token. I didn’t understand it at the time and lacked experience, so I didn’t buy. Its price was probably below five yuan, but I could only watch it rise all the way.

Therefore, during bad market phases, besides paying attention to market trends and improving your skills, I suggest learning about different tracks in crypto—understanding their operation and profit models—to avoid missing opportunities later.

Second, mindset is crucial. Since I often trade derivatives, I think besides basic knowledge, good mental state is very important—it helps all subsequent trading.

Host Jesse:

Thanks to all three guests for their in-depth sharing and wonderful insights!

Currently, the crypto industry is shifting from narrative-driven to value-verified. The market no longer pays for concepts but focuses more on real products, real users, and sustainable business models. Whether project teams, institutions, or individual participants, everyone is undergoing a redefinition of cognition and capability.

For everyone involved, this is both a challenge and an opportunity. The bonus is not gone but has shifted from “luck-based” to “cognition-based” and “professional” bonuses. Only by truly understanding market structure, capital logic, and cycles can one continue to stay at the table in this new phase.

“Gate Live Roundtable” will continue to focus on industry frontiers, ideas, and trends. We also hope everyone maintains clear judgment amid market changes and seizes their own opportunities!