Day 4 · Avoid the trap of "pseudo-narrative": value capture is the only ruler

Good morning, sober explorer.
This is the 4/100th day of the #币圈100天成长计划 .
🔥 There is never a shortage of exciting stories in the market: Web3, Metaverse, Layer3, DePin...
But 99% of participants end up being the fuel for the story, not the beneficiary.
What is the problem?
You focus on the popularity of the narrative and ignore the core part: how does the project really capture value?
💎 Today's core cognition:
Whether a project can survive for a long time does not depend on how good its story is, but on whether its economic model can continuously and irreversibly convert attention, traffic and usage into protocol revenue and the interests of coin holders like a precision machine.
⚠️ Be wary of these "pseudo-narrative" signals:
1️⃣ There is only a story of token price increase, no clear revenue closed loop.
2️⃣ The economic model encourages short-term speculative staking rather than long-term ecological participation.
3️⃣ TVL (total lock-up) is high, but the actual revenue of the protocol is negligible.
✨ Action Checklist: The next time you come across a hot project, ask yourself:
▫️ Where does its core revenue come from? (Handling fees, royalties, service fees?) ）
▫️ What percentage of this revenue is directly distributed to token holders?
▫️ Is its growth based on real demand, or is it a subsidy incentive?
The real alpha comes from the engine that sees through the value capture of the story before it becomes a consensus.
👇 Which project have you studied the economic model and made successful investment/pitfall avoidance decisions as a result?
Share it and learn to deconstruct the project together.
#价值投资 #代币经济 #项目分析 #金价突破5500美元