2026-01-18 10:22:11

Everyone in the crypto world has gone through this stage—eyes glued to the candlestick chart, even dreaming about leverage and positions. And then? Besides learning how to lose your principal more efficiently, it seems like there's nothing else gained.

Looking at the path of farming airdrops, although it seems like a "hard job," the logic is actually quite clear. You need to spend time understanding what each protocol actually does; without understanding the mechanism, you can't participate. Most people only truly grasp the details of the DeFi ecosystem through hands-on farming.

But times have changed. The airdrop boom three years ago definitely offered genuine alpha opportunities. Now? It’s basically turned into a PVP game. Projects are becoming more sophisticated, the cost of participation keeps rising, and the returns at the end are shrinking. The farming game is becoming more and more competitive.

The reality is a bit harsh: probably less than 10% of people in this circle end up making money. The real winners are either a few who understand the technology or those lucky early entrants who hit the right timing—like a cat that accidentally catches a dead mouse. Luck and skill are both essential.

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LiquidatedThrice

· 6h ago

Haha, it's the same old story. I'm the unlucky guy who got liquidated three times. Now I even flinch when I see the candlestick charts. The internal competition in crypto is real, but compared to those who are constantly watching the market and getting wiped out, I still think I should try to keep a bit more dignity. Luck... instead of waiting around, it's better to study the ecosystem more. Anyway, I don't have much to lose anymore. You're right, making money in this circle is indeed rare. I'm just here to learn some knowledge and maybe try my luck. Why does it feel like project teams are even more cunning than retail investors now? Haha, I've definitely been cut a few times. Getting in early was definitely awesome. I'm just the latecomer who complains.

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BlockchainDecoder

· 6h ago

According to research, this article actually touches on an interesting game theory paradox—when the number of participants increases, the marginal effect of alpha opportunities exhibits exponential decay. It is worth noting that, from a technical perspective, early participants who engaged in yield farming indeed accumulated deeper DeFi knowledge through protocol interaction, and this knowledge spillover effect essentially disappeared in later participants.

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QuorumVoter

· 6h ago

Honestly, mining now is just a physical effort, and you can't make much money. I've long given up on the candlestick charts; it's a complete waste of life. The era of mindless leverage is over; now it's all about luck and information. Three years ago, there were opportunities. Now? Hehe, they've all been eaten up. The ones truly making money are nowhere to be seen; the level of competition is so intense I don't even dare to look.

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FlyingLeek

· 6h ago

Honestly, mining now is just a waste of time; it's better to focus on developing skills. It's all just an illusion; even 10% is overestimated. I belong to the remaining 90%. Leverage in dreams, waking up with all capital lost—that's my story. The bonus from three years ago is long gone. Playing this game now is just being cut like a leek, no problem. The tech-savvy folks are making a killing; we can only be spectators. Instead of worrying about whether to mine or not, it's better to learn some real skills so you don't keep throwing money away. Early entrants have already achieved financial freedom; as latecomers, we might as well wash up and go to sleep.

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