WizardXBT

Those who have been in crypto for around 2–3 years had very big expectations for 2025. One of the most common targets was at least a 10x portfolio.

But none of that really happened. In fact, you could say 95% of tokens lost their value. If we review 2025, the best project so far is Hyperliquid, mainly because of its revenue model. Whatever profit the protocol generates is used to buy HYPE tokens from the market and burn them.

To make this clearer, let’s compare it with another project. You probably know Jupiter (JUP). I personally worked with this project for almost 2 years. From products like swap, launchpad, futures trading, and app usage, Jupiter generates around $22M revenue per week (it was even higher before).
But unlike Hyperliquid, this revenue does not flow into the JUP token. It goes directly to the team. That’s why JUP’s price has no real correlation with its revenue, and the token price kept going down.

UXLINK – many of you are familiar with this project from early on. Initially, the token price was over $1, but now it’s around $0.03. In such a situation, you might expect the project staff to stop getting paid. But instead, they keep hitting new milestones. Why? Same reason: profits from new partnerships don’t go to the token, they go to the team.

ONDO – at one point people said you’d never get this token at $1. It was a top RWA project. But now there’s no hype around RWA anymore.

ORE – its concept was similar to Hyperliquid. Through a lottery system, users could mint ORE tokens, and all revenue was used to buy tokens from the market and burn them. Because of this model, the project recently did a 6x pump.

By 2025, many project concepts have changed. Sectors like RWA, AI agents, AI, new L2s (like MegaETH), and prediction markets are emerging. These sectors are onboarding new users from Web2 while also controlling their own protocol revenue.

If we look at projects from 2023–2024, most of them have outdated concepts and no real business model in the market. That’s why new investors aren’t investing in them anymore. And of course, there’s always the insider story. Overall, as long as a new sector has hype, money keeps flowing into it.

This is exactly why most token investors lost money. Everyone in crypto knows that BTC is best for the long term, but most of us plan with a short-term mindset. That makes our calculations different. But if you apply that short-term strategy to a single token, it becomes extremely risky.
If CZ hadn’t pumped a token, or if Vitalik hadn’t posted about ZK, it wouldn’t have pumped 100%. If Coinbase hadn’t acquired a Solana memecoin trading platform, that wouldn’t have done a 10x either.

If, based on your analysis, you managed to enter these kinds of projects, then you understand crypto at an advanced level.

For ordinary people, crypto has become very difficult. This situation will probably last for another year. But whales, insiders, and KOLs will continue to extract profits from the market. There’s only one reason:
“Project launches will never stop.”
You are smart, so you should accept these realities and look for new options. Make sure that when the next opportunity comes, you don’t lack the required skills or understanding. Otherwise, you’ll be left with nothing but regrets
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