Once full of anticipation for airdrop projects, believing that participating in interactions and paying a small fee could yield profits—this was a common approach in early ecosystem development. But recently, this ecosystem has changed.

Looking at several popular recent projects reveals the clue— they have evolved from the early "interaction equals airdrop" model to a continuous fight over principal. Participants are spending more and more, while the expected returns become increasingly illusory. Transaction fees are no longer the main expense; the real capital at stake is the true bet.

This reflects a deeper issue: what is the Alpha mechanism fundamentally doing? It seems to be a tool for discovering opportunities and gaining profits, but in reality, it continuously reinforces a psychological mindset—always believing that the next project will be a get-rich-quick opportunity. With each participation, you are being "trained" to expect, to take risks, to go all in.

In simple terms, frequently engaging in Alpha projects doesn't help you make money; instead, it constantly upgrades your risk appetite. As gambling tendencies are reinforced, rational investment decisions become increasingly distant from you.

Rather than continuing to waste time in this cycle, it's better to seriously reflect: are you participating in an investment or gambling?