Continue Capital: After the big drop, new and old projects are replaced, pay more attention to the fundamentals of the project

Pima

24-05-06 13:35

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Original author: Pima, co-founder of ContinueCapital

Editor's note: The crypto market experienced several sharp declines in April, and market sentiment was low. ContinueCapital co-founder Pima shared his observations and thoughts on the recent market crash on X, and BlockBeats reprinted the full text as follows:

Note: This article only represents the personal views of the original author. This article is for learning and communication only and does not provide investment advice.

After each big drop, the iron curtain of the replacement of the old and the new falls, and at the same time, other projects "are all young and glorious here" are opened. What we have to do is to take investment seriously and select carefully.

In fact, the rhythm is the same every time, but the protagonist changes: some projects basically ended the bull market journey before 519 in 21 years, and a lot of time was used to return to the previous high, such as DeFi/DOGE\BNB/DOT/MATIC represented by UNI.

Some projects are still as fierce as teenagers after 519, and have taken a long wave, which is 5-10X of the high before 519, and did not peak until December 21, such as SOL/LUNA/SHIB/AXS/SAND, etc.
So from a personal perspective after this big drop, what are you observing?

1/ SOL and its ecology, there is not much to say, you can never wake up a person who pretends to sleep.

2/ SAGA and its ecology, modular L1, with its own ecological Buff, still faces challenges in importing customers, let's see when the critical point will come.

3/ SUI and its ecosystem, the technology is beyond doubt, MOVE and other L1, face severe difficulties in importing customers, the long-term DAU is 2-5W, and the gap is getting bigger and bigger compared with SOL/BNB DAU 1 million, and new things and new brands are far less attractive to ordinary users than expected.

Don't live on Twitter, live on the fundamentals of the project. Sometimes you feel so hot and popular, maybe it's just a topic in your group/in your village. Once you check the data on the chain, thousands of people around the world are playing, just playing house.

4/ Clob order book. AMM's mission has been completed. High-capacity L1 needs better adaptability DEX, and the competition is also fierce. UNI's V5 seems to be an order book; which one of Drift/Hyperliquid/RabbitX, etc. will come out? Does dual-token Purr have a chance?

5/ What will SocialFi evolve into? What kind of crypto-native experience will $Friend /Fantasy/DistrictOne bring? How to expand the scale and retention is what SocialFi needs to explore further.

6/ Will new AI projects have opportunities? When will they generate positive revenue? $NMT$DEAI$NOS We have seen that the US stock market is harsh and picky about the performance of AI companies, and will also give great rewards to real performance. Coin circle AI will also have revenue. The question is how to expand the scale and build a moat.

7/ RWA is indeed one of the PMF roads. You have to stand at attention when you are beaten. I don’t understand how to screen it. It requires collective wisdom $MKR$RIO.

8/ MEME You think the MEME you bought has been rising all the way, but it is actually very bumpy. You only see the results and ignore the torture of the holding process (the grinding STAN/ MONK / GIGA). Recently, it was quite interesting to see the dispute between community cat representatives POPCAT/MICHI and VC cats during the cat king competition. At present, pure community MEME has won, and the anti-VC trend has spread to MEME.