Grasp the pulse of the times to stand invincible.

Recently, many industry insiders have been discussing the performance of a certain market maker in the cryptocurrency market. Combining the narrative and emotional shifts of the current market cycle, we can observe some interesting phenomena. Is the entire cryptocurrency industry undergoing a transformation towards "simplification" and "meme-ification"? Does the market urgently need a shot in the arm?

1. Simplification Trends and Emotional Release

Looking at the characteristics of this round of bull market, apart from the ETF boom brought by institutional investors, other areas of play are heading towards "simplification" and "straightforwardness". In short, the current market is extremely pursuing an investment experience that is "simple and highly volatile". Specifically, it is manifested as:

• DeFi has been labeled as overly complex, and the more complex it is, the easier it is to lose money.
• NFTs, which were the most imaginative track in the last round, have shown few highlights in this round.

These two once-star fields have performed poorly in this round of bull market, for various reasons: innovation stagnation, loss of user confidence, and so on. After a series of black swan events, the market needs fresh blood, time, and a shot of adrenaline to rebuild confidence.

This is the unique background of the current bull market: extreme polarization.

Therefore, community-driven meme coins, with their simplicity, emotional appeal, and high volatility, perfectly meet market demand.

2. Market Makers and Market Polarization

On the other hand, the market makers who were regarded as "elites" in the previous cycle have suffered setbacks in multiple incidents, and the market no longer blindly follows the so-called "big shots." In such an environment, some controversial market makers have emerged, seemingly playing the role of "stimulants" in this special era.

Compared to traditional finance, cryptocurrency market makers have the following characteristics:

• Smaller scale
• Low market liquidity and high volatility
• Inadequate regulation, complex ecological relationships
• High technical requirements, need to consider on-chain and DeFi strategies.

3. Focus of Dispute

Traditionally, the main functions of a market maker include:

1. Provide liquidity
2. Smooth price fluctuations and promote price discovery
3. Improve market efficiency

It is generally believed that excellent market makers should have strong capital strength, be able to provide ample liquidity, and stabilize price fluctuations. However, some market makers are known for their aggressive trading strategies and high volatility characteristics, while also engaging in project investments, which often leads to questions of market manipulation.

4. Adapt to Market Demand

In fact, some controversial market makers have precisely grasped the main emotions and strengths of current cycle users by "providing what the market needs". Although I adhere to long-termism and value investing, I believe that the correct investment philosophy does not mean looking down on all speculative attributes. Value investing should not become an obsession, and long-termism should not be aloof.

It is certainly valuable to have insight into market conditions, but the real heroes are those who can adapt to each era.

From the current special bull market, certain market makers have risen rapidly in a highly controversial manner. Although their future development trajectory is still unknown, they have already made a significant mark in the market.