He Yi: The platform does not hold the pricing power of new coins, and the "haircut" era may come to an end
ChainCatcher news, Binance co-founder He Yi posted on Binance Square stating: "2017 was the era of ICOs, where simply grabbing a share could make money. In 2021, with the rise of DeFi, as long as you ran fast with meme coins, you could make money; buying new projects instead of old ones was also a typical feature of this period. But now, IEOs are generally considered to have legal risks in most countries, so they can only rely on airdrops and market pricing, which means if the circulation is large and the opening price is low, the project's performance is relatively stable, such as BB and LISTA. However, compared to 2021, the price increase is still too fast, lacking sufficient washout processes.The upcoming rise in 2024 is initiated by the BTC ETF, with top-tier projects and yield farming studios working together to create impressive data, allowing project parties to raise more money from VCs. On the other hand, project parties with money and users are very confident; with millions of users on-chain, it doesn't matter if they are listed on a certain platform, as there are plenty of CEXs to list on, and if not on CEX, there are DEXs, and if all else fails, there’s their own native DEX on their chain. Trading platforms do not hold pricing power, so for projects with high valuations, users need to look at the fundamentals, not just the market cap, and it’s best to also consider the circulation.Now, the infighting among yield farming studios and L2 projects has turned into a farce, and the yield farming era may be coming to an end. As ordinary investors, using strategies from the 2017 ICOs, 2021 IEOs, or even the 2023 yield farming strategies may not be suitable for today's market."
