#代币经济机制 Seeing the news that SEC anti-crypto commissioner Crenshaw has resigned, I have to be honest. This is not good news; don’t be fooled by appearances.

Thinking back to my early days chasing hot trends, I used to like to speculate based on regulatory shifts. Looking back now, those were illusions. When a commissioner leaves and someone new takes over, the policy logic remains the same, and the game rules still target you. What really matters is whether the tokenomics itself has issues.

Comparing AAVE and Jupiter’s recent actions makes it clear—AAVE promises to share protocol outside income, while Jupiter wants to stop buybacks to do user rewards. That’s what I care about. Whether a project can survive long-term depends on how it treats holders, whether the token is truly supported by cash flow, or if it’s just stories and buybacks propping up the price.

I would stay far away from those tokens like CVX, which surged 41% in 24 hours, or RENDER, which rose 19%. Behind such rapid increases are often market manipulations. I’ve seen too many projects like this— the more they surge, the harder they fall. An old lesson from veteran traders: if you don’t understand the tokenomics, no matter how tempting, don’t touch it.

Is there a turning point in regulatory attitude? Don’t be too optimistic. True protection comes from the project’s own transparency and sustainable revenue, not from policy swings.