Author: Donn (Tze Donn Ng, Investor at Brevan Howard Digital)

Compiled by Deep潮 TechFlow

DeepChaohao Overview: Amid the extreme industrialization of token creation and selling processes on platforms like Pump.fun, where retail holding times have plummeted to mere seconds, the crypto industry is undergoing a brutal cognitive cleansing: creating tokens has become incredibly cheap, but building a long-term asset worth holding for over a year is becoming increasingly difficult.

Investor Tze Donn Ng (@tzedonn) from the renowned hedge fund Brevan Howard Digital (BH Digital) has published an in-depth article introducing the “Crypto Endgame Bimodal Model,” a framework to cut through market confusion. He argues that tokens capable of enduring…