Hello everyone, I am Eudora Qi, a roundtable guest. A fellow who is dedicated to equipping you with cognitive algorithms, rather than just staring at a few K-lines. Stay for ten minutes, and add an extra layer of protection for your future investments.

My three unique qualities:
1. Exclusive across the entire network, using professional PPTs. Systematic market analysis. Simplifying complexity, presenting you with a clear “Market Battle Map” daily.
2. Trading system integrated with top platform (Gate) ecosystem. With “ultra-fast low latency + extremely low cost” as the technological moat, the core is a robust profit system of 【Dynamic Positioning × Composite Risk Control】.
3. Original “Market Value Time Spectrum,” quantifying the distinction between market noise and golden value trading windows, helping you focus on high-value trades.

Yesterday’s roundtable【Deep analysis on whether the “crypto industry’s dividend period” has ended】

1. How to define “dividend period”? What are the signals of its end?

In traditional terms, “industry dividend period” usually refers to: low entry barriers, high growth expectations, fuzzy rules, capital frenzy, and “easy arbitrage” opportunities due to early information asymmetry. In the crypto field, this is specifically manifested as:

1. Institutional arbitrage dividends: regulatory gaps, innovation unrestricted, but also a mix of good and bad.
2. Traffic and narrative dividends: a white paper or a grand concept can attract massive funds and attention, with low fundamental weight.
3. Global liquidity dividends: worldwide cheap capital flooding in, chasing any high-risk assets labeled “Crypto.”
4. Cognitive arbitrage dividends: a few people understand blockchain, and early cognitive differences bring huge returns.

Clear signals that these “old dividends” are ending have already appeared:

* Regulatory iron curtain descends: global regulatory frameworks accelerate implementation (e.g., MiCA, parallel enforcement and legislation in the US), compliance costs become rigid constraints, and the arbitrage window closes.
* Capital becomes rational: VC investments shift from “scouting” to focus on “revenue and cash flow,” with valuation systems aligning with traditional tech startups.
* User threshold rises: early users have been washed out, new user growth slows, customer acquisition costs soar, and subsidies and airdrops alone can no longer sustain.
* Narrative fatigue and clearing: all grand narratives from the last cycle (2020-2022) — DeFi 2.0, GameFi, Metaverse — have gone through hype-bubble-burst cycles, and the market’s excitement threshold for “new stories” is extremely high.

2. Typical features of the “mature phase” and new game rules

Bidding farewell to wild growth, the industry is showing typical features of mature capital markets:

1. From “Narrative-Driven” to “Fundamental-Driven”:
* Project valuations increasingly depend on verifiable revenue, cash flow (protocol income), user activity, moats, and technological barriers, rather than distant visions.
* The evaluation framework for “cryptocurrencies” as an asset class is deeply integrating with “tech growth stocks” and “alternative assets.”
2. From “Grassroots Innovation” to “Institutional and Professional Competition”:
* Competition shifts from “who can come up with new concepts” to “who has stronger engineering capabilities, safer financial architecture, more compliant operations, and more sustainable token economics.”
* Top talents, capital, and companies from the traditional world (e.g., BlackRock, JPMorgan) are entering, raising industry standards.
3. From “Beta Dividends” to “Alpha Mining”:
* The era of industry-wide (beta) exponential growth, often dozens of times, may be over. Future excess returns (alpha) will come from:
* Deepening verticals: in DeFi, RWA, on-chain gaming, find truly value-creating leading projects.
* Cross-chain and middleware: providing key infrastructure (interoperability, security, data) in a multi-chain world.
* Paradigm reconstruction in the traditional world: areas where blockchain can truly improve efficiency (e.g., supply chain finance, asset securitization).
4. Regulation becomes a core variable, not background noise:
* Collaborating with regulators and proactively seeking compliance will be prerequisites for project survival and growth, not optional.

3. Insights for practitioners and investors: survival rules in the new normal

1. For entrepreneurs/project teams:
* Forget “To Moon,” focus on “To Business.” You must prove you have real users, real needs, sustainable business models, and clear profit paths.
* Place compliance and security at the core of your product roadmap.
* Tokenomics should shift from “speculative incentives” to “incentivizing ecosystem contribution and long-term binding.”
2. For investors:
* Say goodbye to “casting a wide net,” embrace “deep research.” Read financial reports (on-chain data), evaluate teams, understand competitive landscapes like stock analysts.
* Lower short-term return expectations, extend investment horizons. Opportunities for quick gains decrease; earning through “value growth” requires patience.
* Place extreme importance on risk management: in a mature market, “avoiding pitfalls” and “not hitting mines” will far surpass “catching 100x coins.” Assess regulatory, technical, and team risks upfront.
3. For ordinary users:
* The simple “mining, raising, selling” model is losing effectiveness. It’s essential to understand the value logic of the protocols you participate in.
* Asset security and private key self-management are more important than ever.

The crypto industry is shifting from a “big water, big fish, anyone can fish” dividend shallow water to a “hidden currents, requiring professional navigation charts” deep value zone. The end of “easy dividends” is precisely the beginning of “serious value creation.” For builders and investors with professionalism, respect for rules, and deep value cultivation, a healthier, more sustainable, and more demanding “new dividend era” has just begun. The core of this roundtable discussion may not be nostalgia, but how to forge new oars and compasses for this “deep water” zone.