After a year of the shanzhai bear market, many market consensus has been overturned.

1. No one has mentioned the big pie sucking shanzhai for a long time; people have realized the high FDV and unlocking.

2. It seems that there is no relationship like BTC rising first, then ETH, and then shanzhai.

3. Traditional institutional funds are more inclined towards BTC and mainstream coins.

4. Leaving aside the top projects, the value of VC backing has plummeted.

5. The crypto narrative has not disappeared, but pure narrative will no longer drive the market's speculative tendencies.

6. The token economics, chip structure, and exit paths of many VC projects are simply not worthy of being listed on CEX for pricing.

7. The listing of tokens on CEX does not necessarily lead to buying pressure; the performance of most projects after listing is simply early groups offloading.

8. The myth of making money from airdrops has collapsed (it has been collapsing for a year; the airdrop track is like a corpse).

9. Liquidity has not evenly spread to all shanzhai, which relates to the ability to capture and lock in value.