Wan Hui: Native crypto credit is drying up, how to expand upstream traffic becomes the key

Wan Hui published an article on the X platform to express her views on the crypto cycle: "In the last cycle, both DeFi and GameFi created a wealth effect due to information and cognitive asymmetry and continuous positive externalities. NFT and GameFi are completely a game of musical chairs for retail investors, and MoonPay's growth as a fiat currency channel has largely benefited from this. The credit extension (legal or illegal) of 3AC and Alameda also greatly contributed to the bubble in the last cycle. In this cycle, native crypto credit has dried up, and the remaining ones are all tried and tested veterans in the industry, so points and airdrops are quickly consumed. New external retail investors are now attracted to traditional financial products, and no longer enter through the altcoin casino funnel of CEX or on-chain DeFi, and the upstream flow of cryptocurrencies is shrinking. How to broaden upstream flow, establish alternative distribution channels, better convert and retain users, and remain attractive when the wealth effect fades is a hot topic that investors, founders, builders, and every industry value creator urgently need to solve."