The first day of the new year. mainnet has been soft launched, token has no price yet, 125 million airdrop are hanging in the air, and the whole community has only one word left: wait for Binance. The night watchman checked Sentry Node (Sentry Node) three times; the author noticed that the number of people online in Discord reached a new high.
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Year archive
2024 | The token year: from a leading Binance debut to an 86% decline
366 entries
2024-01
January 2024
31The official Twitter only posted a countdown-style poster, and the comment area was full of people guessing the exchange.
Issue 43: Binance pushed the door open
In the afternoon, the Binance announcement page refreshed with a line of text: Xai (XAI) became the 43rd Launchpool (new currency mining) project. The rules were subsequently released: from January 5th to 8th, staking BNB, FDUSD, and TUSD can mine XAI, with a prize pool of 75 million, accounting for 3% of the total; trading will begin on January 9th.
In less than ten minutes after the news was released, Discord changed from a guessing scene to a celebration scene. Some people printed out screenshots of the announcement and framed them, some people studied the yield rates of the three pools overnight, and some people only posted one word: stable. You know, Launchpool is one of the highest gifts Binance gives to new projects - the last game currency that came out of here is still on the increase list.
The watchman's reaction was calm. He wrote on the node channel: "When 2021 came in, no one knew that this day would come. node just ran and didn't care about anything else." Ah Zhen's side was a different scene: the chain side team was pulled into a temporary war room, and the stress testing, monitoring, and emergency plans for the launch day were lined up all over the wall. "The game chain needs to run a real load in front of the whole world," she said. "This is more important than price."
The author counted the numbers that night: less than six hours after the official announcement, the amount of discussion about XAI on Twitter increased twenty-fold. The door opened, and the entire market stood outside.
Official continuous tutorial: How to participate in mining and how to receive airdrop. Phishing links appear simultaneously.
Launchpool mining period begins. On the first day, staking funds surged, and the BNB pool accounted for the majority. The yield rate was diluted all the way, but it still could not stop the crowds. The night watchman did not participate: "My position has long been in node." No one has heard of the name Sisyphus at this moment.
Saturday. Mining pool funds continue to expand, and the community posts screenshots of estimated earnings to each other.
The Azhen team ran another round of stress testing on the test network: on the day of listing, the chain cannot be dropped.
On the last day of the mining period, the funds in the pool were in the order of billions of dollars. The entrance to airdrop is announced to be open tomorrow, and phishing websites have already registered seven or eight similar domain names. The official pinned anti-fraud post, and group management is on duty overnight. No one sleeps tonight.
TGE: Fifteen Minutes of Pin $2.50
At 10:00 UTC, Binance opened on time, with six trading pairs lined up: BTC, USDT, BNB, FDUSD, TUSD, TRY, with a seed tag (Seed Tag, high-risk new currency identification) above the head. At the same time, the token generation event (TGE) was completed, with an initial circulation of 277,118,150 pieces, accounting for 11.08% of the total amount of 2.5 billion.
The real miracle happened at the Gate: the opening price started at $0.035, buy orders poured in like a bursting dam, and the price was hit to $2.50 in a few minutes - seventy times the pin, and the deal book was as thin as paper. Gravity then took effect and the price plummeted back down, ending the day near $0.60. Some people caught the flying knife at more than 2 yuan, and some people caught the pie falling from the sky at 0.04. The two groups of people talked in the same group, as if they were from two planets.
125 million airdrop arrived on the same day, with a total value of approximately US$70 million based on the closing price. The money was distributed to players who had played the Ex Populus game and held the node key—including Sisyphus. He is an ordinary office worker. He played a few games of on-chain cards last year, and his hands were shaking when he received airdrop: There were thousands of XAI lying in his wallet. It was zero a day ago, and now it is his two months' salary. The first sentence he posted in the group was: "Is this true?" No one answered him, everyone was asking the same question.
The battle report on the chain side is much simpler: all transactions during the opening peak period were confirmed normally, and there was no failure in the gas fee-free channel. Ah Zhen sent a sleeping emoji to the internal group and went offline.
The author made a note that night: 0.035 to 2.5, and then to 0.60 - on the first day of this chain, I previewed everything it will experience in the future in fifteen minutes. At that time, no one read the market like this, including myself.
Historical collision: The U.S. Securities and Exchange Commission approved the first Bitcoin spot ETFs, and the door to Wall Street was only one day away from the listing of XAI. The market was boiling, and XAI followed the trend to close at 0.65. Sisyphus didn't sell it. He felt that "the story has just begun." This is half true.
A farce unfolded: a counterfeit token with the code "X" was used on MXC to use XAI, and its popularity soared by 2668%. Then it was accused of running away, and the taker lost all his money. The official issued an emergency anti-phishing warning: only the contract address will be recognized, not the name. On the third day of launch, the scammers arrived before the game.
The price climbed to 0.72. Sisyphus opened the contract page for the first time and closed it silently.
Saturday. airdrop customers are divided into the bag-dropping group and the holding group, calling each other "no pattern" and "waiting to return to zero".
Buying began during the Asian session, with the price breaking above 0.95 and approaching the psychological $1 mark. The term "next IMX" appeared for the first time in a big V's tweet. The night watchman only wrote the online number node in the daily newspaper. When asked about the price, he replied with three words: "I don't know."
It broke above $1 and hit an intraday high of 1.186. airdrop’s total book value is approaching US$130 million, and someone in the group posted a resignation letter template. Sisyphus stared at his wallet all night. The thought of resigning briefly occurred to him, but he held it down again.
Doubling in one week: $1.235 vs. $140 million
The intraday high was $1.235. Only seven days after listing, the currency price doubled from the closing price of 0.60; the total value of 125 million airdrop reached a peak of about 140 million U.S. dollars - a week ago it was "only worth" 70 million.
The wealth-making narrative of "doubling it in a week" has hit the screen. The financial account worked on "Missing ARB, Don't Miss XAI" all night long. In the short video, someone showed off the new mobile phone and new watch bought with airdrop proceeds; Sisyphus's airdrop group was renamed "Wealth Freedom Reserve". He followed suit and added part of the year-end bonus to his position - the average price was 1.1, "it cost 5 yuan anyway."
node channel is another world. The secondary price of Sentinel keys has been rising. Newcomers lined up to ask for configuration tutorials; the night watchman answered one by one, adding at the end: "Before buying the key, think clearly whether you are here to run node or to bet on node." No one took this sentence seriously.
Ah Zhen was asked about the price at the developer conference call that day. She changed the topic back: "TPS, stability, the number of connected games - these are the things I can answer." The other end of the phone laughed at her boredom.
The author wrote that night: The market took seven days to price this chain, and it will take even longer to re-price it. The figure of US$140 million was later mentioned repeatedly in countless summary posts—as both a culmination and a milestone.
The last push higher: Hit 1.24 during the session before falling back. The four-day run has reached its peak, and the trading volume has reached a record high. The bag-dropping pies began to harvest, and the holding pies began to comfort themselves.
The profit order was loosened, and for the first time, continuous large sales orders appeared on the market.
It fell back to close at 0.848, losing 30% in three days. "Wash the dishes" became the word that appeared most frequently in the group, and Sisyphus comforted himself in this way. The Night Watchman's daily report is as usual: node is online and has nothing to do with me.
Saturday. The callback made the market group quieter, but the node channel is still the same.
The night watchman posted a photo of his laptop: the fan is gathering dust, node is fully occupied. The caption is "It's just a tool".
Security incident: The official Sentry Key open source warehouse was maliciously forked and phishing code was implanted. The key was stolen after the operator of node mistakenly installed it. After confirmation, the team announced: a new key will be reissued to the victim, and the only official warehouse address will be pinned to the top. The threshold for open source is low, and the threshold for scammers is even lower.
The key reissue process started, and Ah Zhen kept spinning for two days without sleeping.
Price is trading sideways around 0.8 and Launchpool chips are still changing hands.
The official trailer ecological roadmap is updated, and the community begins to imagine the "Year of Gaming".
fell back to the 0.74 line. Sisyphean's gains shrank and he began to read the market every hour.
Saturday. The community spontaneously organized airdrop avoidance posts, and the phishing website changed its domain name and came back.
The online number of Sentry Node is steadily rising, and home notebooks are still the absolute mainstay.
A Zhen said that mainnet had zero major failures in the first month of its launch, which is the best report card on the chain side.
The volume is shrinking at the end of the month, and both bulls and shorts are waiting for the next big line.
First month ended at 0.758. From the opening of 0.035 to the pin of 2.5, to the craze of 1.24 and the precipitation at this moment, twenty-three trading days feel like a year has passed. The author counted: the community has used more exclamation points this month than in the entire past year.
2024-02
February 2024
29February started at.758. Bitcoin ETF funds continue to flow into the underlying market, the altcoin sector is rotating, and XAI is waiting in the queue for the wind to come. Sisyphus made a rule: reduce his position when it rose back to $1 - a rule he never implemented once.
The dish is lukewarm. There are more and more rumors about new game projects in the ecological channel.
Saturday. The Night Watchman organized the first "node Mutual Aid" voice, teaching newcomers how to assign keys step by step.
Price is back at 0.80. There is no rush to buy, but they come every day.
The official released on-chain data: the number of transactions and active wallets both hit new highs, and the TPS comparison chart flooded Twitter—"the fastest game chain in the Ethereum ecosystem." The staking pool is gradually filling up, and the queue of retail investors entrusting esXAI to the pool owner has reached the third screen of the page.
Ah Zhen joked: The load curve of the chain is much better than the price curve.
Around 0.85, "Turn over in February" has become a mantra in the group.
The price touched 0.88. Sisyphus changed the reduction alarm clock from $1 to $1.5.
New Year's Eve. The Chinese community wishes each other good luck and good fortune, but overseas users cannot understand the red envelopes that are flooding the screen.
Spring Festival. The market was not closed, and someone was watching the market secretly at the New Year's Eve dinner table.
Sunday. Bitcoin is approaching $48,000, the market is warming up, and copycats are ready to move.
It broke above 0.95 on heavy volume, returning to the doorstep of $1 for the first time in a month. The holding faction was proud and proud, but the pocketing faction began to regret it, and the two factions met again in the group. The Night Watch Daily added: The winning esXAI has all reinvested in staking, and none has been redeemed.
1 US dollar was gained and lost again, and the bulls and the shorts repeatedly saw each other at the round number mark.
Valentine's Day. Community meme: The longest love confession is to hold XAI.
Stand firm 1.05. Bitcoin broke through 52,000, and the market recovered across the board.
Ecological list update: The number of game projects under negotiation has doubled, and the community is starting to count.
Saturday. node channel discusses the emissions curve: how far we are from the halving threshold.
1.10 fluctuates up and down, the change of hands is gentle, and the selling pressure is visibly thin.
The research account on the chain posted: The early shares are still in the lock-up period, and the circulation is clean - this is the confidence to dare to rise in this round.
The volume increased to 1.20, and the transaction volume returned to the level of the listing week. The rhetoric of "next IMX" has been fully revived, and the target prices of overseas KOLs are getting higher and higher. Sisyphus added a second position, and the average price rose above 1.1. He called this "getting on the bus to pay for the ticket."
Around 1.25, the community was in full mood. The author is habitually nervous.
NVIDIA's financial report exploded, the concept of AI is hot, and game chains also want to take advantage of "AI+ games".
The 1.3 barrier was fought over and over again, and the buying walls on the depth chart were stacked one above the other.
Saturday. Someone in the airdrop group posted a rendering of the villa with the text "Target price $5."
The volume increased sharply in the early morning, reaching 1.599 during the session, setting a new high since listing (excluding pin insertion on the first day), and then fell back to the 1.4 line. Some aggregation sites directly recorded this day as the highest price in history. At the moment of reaching the top, the message in the group was not celebration, but "those who sold out come in and get beaten."
Fluctuating at a high level, profit-taking and new buying orders exchange chips.
Ah Zhen reminded the team: popularity is a resource, and the game must be released quickly.
1.35 First-line finishing. Bitcoin is approaching 60,000, and the market only talks about "new highs".
Leap day closing: February closed at 1.293, a monthly increase of 70%. The day that happens once every four years is paired with a powerful moon-yang line, and the community takes a screenshot of it and archives it as a souvenir. The author leaves one sentence: When the next February 29 comes, where will this chain be?
2024-03
March 2024
31March started at 1.293. Bitcoin is approaching its all-time high, and altcoins are blooming. The XAI community has set its next target at $2. No one thinks this goal is outrageous—and that’s what should be alarming.
Saturday. Around 1.35, the handicap depth is not as good as a new coin that has been on the market for two months.
Ecological Monthly Report: Two more games are under migration negotiation, and due diligence is in progress.
Bitcoin rushed to 68,000, and the audience held their breath; XAI climbed steadily to 1.40.
Bitcoin hit an intraday high of 69,000 and then fell sharply, causing the altcoins to tremble.
1.45. Sisyphus's surplus was enough to pay for a down payment in his hometown, so he took a screenshot.
node online number reaches a new high. The night watchman said the laptop fan has never been so loud.
Bitcoin stood firmly above its all-time high, funds overflowed, and the gaming sector generally rose.
Saturday. The 1.50 mark is hovering, and the community shouts "the all-time high will be next week".
The market is extremely quiet, and large orders are placed without falling. The calm before the storm.
1.60: All-time high price
On this day, XAI reached the highest point of its life.
Volume began to increase in Asia in the afternoon, and the 1.5 hanging order wall was eaten through in one go, and the price climbed up; the Gate price reached a maximum of 1.637 US dollars, and the Binance caliber was fixed at 1.60. It fell back in the evening to close at 1.49. Calculated on a fully diluted valuation (FDV) basis, this gaming chain, which has been on the market for only two months, once had a paper value that reached the multi-billion dollar club.
The whole Internet is shouting "the next IMX". On the ranking list, XAI has squeezed into the forefront of the game sector, with rapid news and the first hot search on the exchange; airdrop's customer group's style is to post orders, post returns, and post "Who persuaded me to sell in the first place". Sisyphus's position page was glowing green. He set a new goal for himself to "turn over to 3 dollars before leaving." He also forwarded an analysis with a target price of $10. Greed needs no reason on this day.
There are only two types of people who are not celebrating. One type is the night watchman: his daily report is still node online number, number of winnings, esXAI reinvestment record, and finally adds the sentence "The price of keys has increased again, newcomers should be calm". The other type is on-chain observers: Some people have noticed that the turnover rate of profit-making chips in the transaction structure is dazzlingly high - on every level you buy, there are people neatly selling on the opposite side.
Ah Zhen was busy with something that had nothing to do with price that day: arranging access dates for games that were about to be migrated. She later recalled that the biggest feeling in those days was not excitement, but "the schedule was as full as the market value."
The author only wrote one line that night: 1.60. In the subsequent chronicles, this number will appear as the denominator in every reckoning.
The price changed hands at a high level and fluctuated widely above and below 1.5, with huge differences between long and short positions.
Bitcoin broke through 73,000 US dollars and hit a new all-time high, and everyone was celebrating; XAI failed to keep up, closing at 1.42. For the first time, there is no resonance between the market’s top narrative and my own top narrative. The author wrote the word "deviation" in his notes but did not dare to expand on it.
Back down to 1.35. Some people shouted for a chance to get on the bus, while others quietly canceled their orders.
The market fell sharply, and Bitcoin's single-day amplitude exceeded 10%; XAI fell to 1.28.
Saturday. 1.30 Saw. airdrop group seriously discussed "whether to take profit or not" for the first time.
The rebound is weak. The night watchman distributed node daily as usual, without mentioning the price.
Selling pressure becomes solid: There are traces of early shares being transferred to the exchange on the chain.
The first crack: 0.9998 during the session, falling below $1 for the first time since its listing, and barely recovering 1.02 in late trading. The screenshots of "Po Yi" were circulated in various groups all day long, and for the first time, the voice of the holding faction was weaker than that of the bag-dropping faction. Sisyphus chose to cover his position, which he called the "golden pit."
It stabilized near 1.05, but the market was still in shock, and the trading volume shrank sharply.
Ah Zhen immersed himself in writing the abstract wallet access document, saying that the game side was pressing hard.
rebounded to 1.10. The panic came and went quickly, as if nothing had happened.
Saturday. The community voted for "the game they most want to play", and Final Form ranked first.
1.15. The market depth is slightly thinner than at the beginning of the month, and market makers have become obviously cautious.
Bitcoin is back above 70,000, copycats are repaired, and XAI climbs back to 1.18.
The Ecology Channel is pre-heating the "April Big Announcement", and speculation is flying everywhere.
1.20 Stand firm. Sisyphus wrote the cost price on a sticky note and stuck it next to the screen.
The secondary price of Sentinel keys has recovered, and the number of views of the novice node tutorial has doubled.
On Good Friday, the traditional market is closed, and the currency circle continues to shrink and consolidate as usual.
Saturday. Around 1.22. There is only the last day of the first quarter.
End of the first quarter: 1.222. From the starting point of 0.035 to the top of 1.637, and then back to this moment, 82 days after its listing, XAI is still one of the top players in Binance and is still the signature of the game sector. Author: The first quarter was a frenzy, and the accounts haven’t been settled yet.
2024-04
April 2024
30April started at 1.223. On April Fool's Day, the community played the fake news meme "Xai is coming to Xbox", and the laughter was still loud. The real big announcement was said to be on the way, and the market was waiting with bated breath - little did it know that what it was waiting for would be a full quarter of decline.
The market pulled back, and Bitcoin fell to 66,000; XAI shrank to 1.18.
The intraday price was 1.259. It rebounded to the top and then fell back. The strength was obviously not as good as before.
1.20 Saw. node emissions remain the same, and the total supply continues to climb toward the halving threshold.
Ecological release: Two external games will be migrated soon, we will see the results next week.
Saturday. Sisyphus carefully studied the unlock table for the first time, and his heart skipped a beat.
The hot community post "What will happen in July" has reached the top: The team and investor shares will start unlock six months after TGE - a three-month countdown. The seeds of panic were sown, and every downturn since then has been attributed to it.
Official hold on the panic: unlock is a linear release, not a cliff. The debate is not settled.
Peak of ambition: Officials say that 100+ games will be launched on the Xai ecosystem by the end of 2024. The community was instantly divided into two factions - the "faith recharge" faction drew a pie chart overnight, and the "mathematical disallowance" faction counted on their fingers: there were 267 days left, and an average of two or three days would be needed to get a new product. Price gave a neutral reply: 1.15.
Ah Zhen said privately: The standard for 100 models is "integration into the ecosystem", not "completion".
1.10 Lost and found. The market's high level was hugely shaken, and the copycats fell first.
Bitcoin plummeted in a single day and panic spread; XAI closed at 1.02.
The situation in the Middle East suddenly became tense. Over the weekend, the whole market fell. Bitcoin flashed to 61,000; XAI broke through 1 US dollar in one fell swoop and fell to 0.92. Different from the "breaking one" in March, no one in the group called the golden pit this time - not even Sisyphus dared to buy the bottom.
The panic continued and then stabilized slightly. The market group was eerily quiet.
The rebound is weak. unlock countdown post is updated every day, like a pendulum hanging overhead.
Big ecological launch: Crypto Unicorns (which previously generated a cumulative transaction volume of 35 million US dollars) and BattlePlan, a subsidiary of Pixel Vault, officially announced their migration from Polygon to Xai. Two months ago, this would have been enough to pull out a big bullish candle; today the price only bounced for two hours, falling back to 0.88. The good shelf life has never been so short.
"Good things don't go up" became a hot word, and old players smelled a familiar smell.
0.85. Sentry Node's online numbers have not dropped - the chain is more resilient than the market.
On the eve of Bitcoin’s halving, the market shrank, and XAI was trading sideways near 0.80.
Bitcoin has completed its fourth halving, and the circle of friends is "in the middle of the cycle". XAI closed at 0.80, which is on the way to being cut in half since the beginning of the month. The Night Watchman wrote in the daily newspaper: Bitcoin’s halving is a narrative, our halving is an emissions table - it will be your turn next month.
Sunday. Small bounce. According to some statistics: airdrop customers have sold more than half of their chips.
The ecological weekly newspaper is still published, but few people read it.
0.78. Sisyphus closed the Fuying screenshot album on his phone.
unlock panic turned positive: the research account calculated the monthly new supply of team and investor shares starting from July, and the headline "Tens of millions more coins every month" was forwarded across the entire network. The official chose silence, and silence was interpreted as acquiescence. The price dropped to 0.72.
Panic surges, 0.66 intraday. Night Watchman: People who are afraid of unlock were also afraid that they would not be able to get into Binance.
0.62. If the depth is thin, a few million dollars can create a 5% hole.
Saturday. Communities cheer each other up: and games, and a hundred games.
The intraday reading was 0.552, the lowest in the month, before recovering above 0.60.
Rebound from oversold. The node channel still discusses keys and online rates, as if it were a world away.
End of April: It closed at 0.675, almost halved from 1.223 at the beginning of the month, the first real monthly negative line since its listing. The promise of 100 games appeared in the same month as the unlock countdown, and the market chose to believe the latter. Author: The tide of mania ebbs as fast as it rises.
2024-05
May 2024
31May started at.678. The monthly low of 0.572 was hit by one stroke during the thin holiday trading, and was pulled back again - the market plunged on the same day, and there was no holiday for bulls on May Day. Sisyphus was motionless on the mountainside. He no longer looked back at the original price.
The Fed's rate hike was dovish, the audience took a breath, and XAI returned to above 0.60.
The ecological channel shared the progress of BattlePlan migration: the test server is already running on the chain.
Saturday. The Night Watchman's "node full attendance for one year" plan is halfway through, and I am posting to commemorate it.
Sideways. The popularity of the community has cooled down, and the number of group messages is only 30% of its peak.
Bitcoin recovered 64,000, and the counterfeit prices were low; XAI closed at 0.65.
Ah Zhen demonstrated the new access solution for gas fee-free transactions at the developer conference.
Someone discovered that the total supply is only one step away from the first halving threshold.
Halving popular science posts: Daily emissions will be automatically halved, and supply will be cut from the mechanism level.
0.70 recovered. The expectation of halving has become the only bullish narrative that can be used in May.
Saturday. Sisyphean calculation: the average price is 1.1, the current price is 0.7, and the return on capital will increase by 57%.
Mother's Day. Group joke: Don’t let mom know what you bought.
After shrinking, the market is waiting for the halving to cross the line.
Official warm-up: Halving is "the first step to scarcity." The argument started immediately.
0.72. Skeptics: Emissions were cut in half, unlock was not cut, and the general ledger was still a net increase.
The market rebounded, with Bitcoin at 66,000; XAI climbed to 0.74.
node group celebrates in advance: the probability of winning remains unchanged, single prizes are halved, online is king.
Saturday. 0.76. Front-running buying before the halving quietly entered the market.
Live countdown of the data number on the chain: the total supply is approaching the 1.25 billion threshold.
Ethereum ETF expectations suddenly heated up, the market rose together, and XAI stood at 0.78.
Everything is ready. Ah Zhen said that the referee contract (Referee) does not need to change a single line of code, and the mechanism will be automatically executed when it reaches the point.
First emissions halved
The on-chain clock has reached a predetermined mark: the total supply has crossed the threshold of approximately 1.25 billion pieces, and the daily emission of Sentry Node is automatically halved. There is no ceremony, no timeout, the referee contract is executed according to the written rules - this is one of the few events in this chain that is completely uninfluenced by the human heart.
Officials promote it as a good thing: deflationary narrative, scarcity, "We will have the Bitcoin halving, too." The debate in the community is far more real. The optimists calculate the supply: emissions are reduced by half, and the selling pressure is reduced by a bit; the pessimists calculate the general ledger: node emissions are not the main selling pressure, but unlock starting in July is the big one. "The halving will not save the price, it will only slow down the downhill slope by half a degree." The answer given by the price that day was neither salty nor bland: 0.79, almost unchanged.
node channel is in a festive atmosphere. The probability of winning remains unchanged and the single reward is halved, which means that the weight of online rate and staking amount is higher. The night watchman posted: "From today on, the dawdling node will slowly exit the game, and the remaining ones are the ones who really want to protect the network." His esXAI is still all reinvested.
Sisyphus tore off the "recovery price 1.1" on the sticky note and replaced it with "0.9 half position" - he found himself a new anchor point of hope. What the author noted is another thing: this is the first time this year that the focus of community discussion has changed from "how much can it rise" to "can it fall a little less". The scale has changed.
The day after the halving, the price remained unchanged. The "profit-exhausting" faction quarreled with the "slow variable" faction.
The Ethereum ETF approval channel was opened, the market was in a carnival, and XAI touched 0.80.
Saturday. There is a vacuum of news on the game side, and the market is supported by the inertia of the market.
0.81. Sisyphus's "halving position" was hung at 0.9, and it has not been waiting.
Intraday high of 0.833 for the month before retreating. So much for the rally.
The number of sentinels online did not decrease but increased after the halving. node channel is proud of it.
Ecological Monthly Report: Two migration games have been launched on the test network; Final Form is still under development.
The market returned its attention to Ethereum, and the copycats were drained.
End of May: closed at 0.820, stopping the collapse in April, with a small positive on the monthly line. The halving is realized and the ecosystem is advanced, but the rebound is only one inch long. Author: The reinforcements have arrived, but the battlefield is much larger than the reinforcements.
2024-06
June 2024
30June started at.821. In the last month of the first half of the year, bulls want to recover $1, while bears are eyeing the unlock gate forty days later. The market on Saturday was surprisingly calm, like the morning before the confrontation between the two armies.
0.84. The market was moderate, with scraps from the rotation spilling into the gaming sector.
Bitcoin regained 69,000; XAI increased volume to 0.90.
0.93. The most decent rebound in two months, the number of live people in the group has increased.
Intraday 0.966 June high. One step away from $1, buying orders stopped.
High and fall. Sisyphus placed a reduction order at 0.95, which was only three cents short of being completed.
Non-farm payrolls exploded, interest rate cuts were postponed, and the market turned lower; XAI fell back to 0.87.
Saturday. The rebound is over, and transactions are shrinking rapidly.
It has been on the market for five months. The total value of airdrop has shrunk from the peak of 140 million US dollars to 30 million.
0.82. unlock counts down 30 days, and panic posts are back on the trending list.
The market fell sharply, with Bitcoin losing 67,000; XAI fell below 0.78.
The decline accelerated, falling to 0.75. The on-chain monitoring account found that early transfers from relevant addresses to exchanges became more frequent, and "someone rushed to get ahead of unlock" quickly became a consensus - it was difficult to tell whether it was true or false, but it was enough to make buyers go on strike. Panic doesn't need a real attack, it just needs a direction.
Night Watchman node Daily Issue 500. There are only 12 comments in the comments section, half of which are ads.
The 0.70 barrier was lost and recovered. The bulls have a harder time defending each time.
The first anniversary of the official announcement (first public appearance on 2023-06-15). No one celebrated.
Father's Day. 0.68. The group was quiet.
Copycats fell broadly, led by the gaming sector, with XAI falling to 0.65.
0.60 fell, and the panic market stamped out, falling nearly 10% in a single day.
Sisyphus stopped casting and said for the first time that he "wanted to leave for a while."
The counterattack is weak. The buying wall on the depth chart is sparse, like a toothless mouth.
Bitcoin lost 64,000, and the whole competition reached new lows. XAI reported 0.57.
Saturday. The node channel is still actively discussing the new version of the client.
0.52. Someone dug up the "Next IMX" post from March, but no one responded.
It fell below the 0.50 psychological mark and touched 0.48, which is 70% away from the historical high. Panic and numbness alternated in the market group, and the number of people quitting the group hit a new high in a single day. The original words of the night watchman: "I have seen a darker night in 2022. If the chain is still producing blocks, it is not finished."
Oversold reverse draw 0.51, short-lived.
unlock counts down to 13 days, and the target price of short sellers is getting lower and lower.
0.45. Ah Zhen worked overtime until early in the morning, talking about the code and not reading the market.
At 0.415 intraday, lowest in June. The desperate post flooded the screen and I saved it.
Saturday. 0.43 weak rebound, no one takes it seriously.
The end of the first half of the year: it closed at 0.429, which was nearly halved in June, and it has fallen 74% from the top of 1.637. In the first half of the year, the first half was frenzy, and the second half was liquidation. Sisyphus didn't sell any - his cost remained on the top of the mountain, only people came down first.
2024-07
July 2024
31July started at.429. There is only one date circled on everyone’s calendar: July 9, when TGE reaches six months, the unlock channel for team and investor shares opens. The market turned fear into the answer in advance, and even the rebound was omitted.
Adding insult to injury, the German government address began moving seized Bitcoins.
0.40 lost. The panic index is extreme, and the liquidity of the altcoins is visibly drying up.
U.S. holiday shrinkage. The Night Watchman issued the daily newspaper as usual, No. 521.
Market waterfall: Mt. Gox compensation started and German selling pressure started, and Bitcoin flashed to 54,000; XAI was hit to 0.34. The last trading weekend before unlock has a bitter taste in the air. Sisyphus said that he no longer had any pain. "It's better to be numb than in pain."
Saturday. Oversold counter-draw. Various versions of "unlock Smash Calculation Table" are circulating in the group.
0.35. Sisyphus decided not to read the tape on July 9th. He didn't do it.
unlock eve. The official trailer said "there will be an announcement tomorrow", and speculation was polarizing.
unlock day reversal: the team locks up the position for another six months
The day the boots hit the ground, the script turned a page.
After TGE is six months old, the unlock mechanism takes effect as scheduled: investor shares will be released linearly on a monthly basis from today, and will flow into the market continuously in the next two and a half years. This is the stone that has been weighing on the market since April. Today, it officially begins to break into powder and sprinkle bit by bit.
But the official announcement said something else: the team decided to lock most of the 85 million coins in its name for another six months and postpone their release. "We stand with the community," the announcement read. This is a rare gesture in a bear market - there is no legal compulsion, it is purely voluntary.
The market gave a short but sincere reaction: the price rebounded from 0.31 to 0.36, and the desperate group burst into applause that had not been seen for a long time. The night watchman liked it: "A team that is willing to lock up its shares is more real than a hundred orders." The skeptics hit the nail on the head: "The team has locked up, but the investors have not. The real headshot is correct." Both sentences are correct, and this is the entire plot of the market in the next six months.
Sisyphus broke his promise that day. He watched the market from early morning until late at night, and finally wrote in the group: "For the first time, the project feels like a person." Then he made a decision that he regretted and rejoiced over and over again - to continue holding it.
Author's note: On the same day, one door opened and the other closed. The open door leads to the market, and the closed door leads to the heart. Prices will eventually flow out of the open door.
The remaining temperature after locking up the position is still 0.37. The research number confirms: Investor shares flow out linearly as usual.
No one was surprised when a monitoring post appeared showing the first batch of unlock shares on the chain being transferred to the exchange.
Bounced to top at 0.38. The broader market stabilizes and Bitcoin is back at 57,000.
Saturday. Trump's assassination attempt caused a global uproar and risk assets were priced sharply.
"Trump Trading" ignited the market, Bitcoin recovered 60,000; XAI was unable to follow the rise.
The Ecology Channel previews this week’s TPS battle report, and the community is no longer excited.
Official release: Xai is the fastest game rollup on Ethereum, with TPS leading its peers - the data is indeed beautiful. In the same article, the status column of the flagship game Final Form still says "coming soon", just like a year ago. The chain’s report card and the currency’s trend are like two unrelated projects. Price 0.35.
After reading the TPS article, Sisyphus only replied: Where are the games? No one answered.
nodeThe first monthly reconciliation after the emission reduction was released, and the figures match up.
Microsoft Global Blue Screen Day, half of the Internet was paralyzed; blocks were produced on the chain as usual.
Saturday. The night watchman tells newcomers about the waiting period for esXAI redemption: 15 to 180 days, the more urgent it is, the steeper the discount will be.
Biden withdrew from the election, and the market digested political variables overnight; XAI shrank by 0.31.
The 0.30 mark saw a tug of war, the third time in a month.
The Ethereum spot ETF started trading, and the market fell instead of rising.
0.30 Lost. unlock outflow and buying are absent, this arithmetic problem has no solution.
At 0.266 intraday, the lowest of the month and -84% from the all-time high. For the first time, someone seriously discussed the word "return to zero" in the market group. The night watchman pushed the post back: "The chain is producing blocks, node is online, and the game is moving. Reset to zero is not its turn. The price is another matter." These two sentences were made into screenshots and circulated for a long time.
The Paris Olympics opens. The world is very busy, but here it is very quiet.
Saturday. The Bitcoin conference is warming up, the market is restless, and copycats are waiting to see.
Trump gave a speech at the Bitcoin Conference, and Bitcoin surged to 69,000; copycats were indifferent.
0.30 recovered. Sisyphus counted and recovered 0.30 for the seventh time that year.
Around 0.295. There is only the last day of July.
July ended at 0.295, down 30% on the month. unlock opened the gate, the team re-locked, TPS was outstanding, and the currency price reached a new low - four things happened in the same month without disturbing each other. Author: This is a month where fundamentals and prices each have their own say, while the market only listens to prices.
2024-08
August 2024
31August started at.294. Expectations for the Federal Reserve to cut interest rates have increased, and the Bank of Japan has unexpectedly raised interest rates. Undercurrents are surging under the macroeconomic surface; XAI is gasping for breath below 0.30, unaware that a global storm is only one weekend away.
Non-farm payrolls cooled suddenly, recession fears reared their head, U.S. stocks plummeted, and the currency circle was trembling on the eve of the weekend.
Saturday. Risk aversion spread, with copycats leading the decline, with XAI reporting at 0.27.
Late on Sunday night, before the opening bell in Asia, the air was freezing.
Black Monday: The liquidation of the Japanese yen carry trade triggered a global stock market crash, the Nikkei index melted, and Bitcoin flashed to 49,000; XAI was hit to 0.182 - the lowest since listing, -89% from the high. It barely pulled back 0.20 at the close. Sisyphus stared at the position page of -83% and laughed out loud for the first time: "I fell to this level, but I can't sleep."
Technical rebound in global markets. Panic comes and goes like wind, but wounds stay in place.
node's online numbers only dropped 2% during the stock market crash week, and the node channel is proud of it.
The Ecological Weekly has resumed its updates, with three-digit reading volume.
0.22. Night Watch: Extreme market conditions are the touchstone of node, and the chain never stopped for a second.
Saturday. The "lie flat" emoticon became popular in the group.
Sisyphus moved the trading app from the first screen of the phone to the deepest part of the folder.
unlock monthly payments continue to arrive, but buying orders are still absent.
CPI overnight, on the sidelines, 0.215.
CPI is moderate, and an interest rate cut in September is certain; copycats are still weak.
The news of the internal beta of BattlePlan mainnet came out, and the market was calm.
The market is recovering, but XAI remains unchanged. Loss of flexibility has become the new normal.
Saturday. The Night Watchman's daily report began to have an additional sentence "See you on the chain" at the end.
Ah Zhen took his first long vacation since listing, and his circle of friends is vast.
The secondary price of Sentinel Key hits a new low. Admission is cheaper and there are fewer people entering.
The market is waiting for Jackson Hole to say something, 0.22.
The number of active wallets on the chain remained stable month-on-month: those who are still playing have not left.
rebounded slightly. The high point within the month is only 0.23.
Powell announced that "the time has come for policy adjustments," and the market rose sharply; XAI rose half a penny.
Saturday. Can interest rate cut transactions be the turn of game currency? No one dares to bet.
At the end of the month, unlock leaked out as scheduled, and the monitoring number on the chain was too lazy to add text.
Sisyphus didn't watch the tape for a week: "I feel better."
The market retreated, and the rebound in August was only one inch, 0.21.
NVIDIA's financial report fell short of wild expectations, and risk assets fell.
0.20 lost. Numbness is greater than panic, and there are less than a hundred group messages.
0.19. There is only the last day of August.
End of August: closed at 0.189, down 36% in the month, -88% from the historical high. The stock market crash hit 0.182, becoming the deepest wound of the year. Author: The market is no longer discussing this chain - what is colder than the decline is silence.
2024-09
September 2024
30September started at.188. September is historically the weakest month for crypto, but the community has been incredibly calm. There is only one new topic: node should continue running.
An operator posted an electricity bill: The winnings cannot cover the electricity bill. The argument begins.
U.S. stocks had a dark start in September, risk aversion resumed, and XAI shrank to 0.18.
The node channel has officially split into the "shutdown faction" and the "die-in faction".
The night watchman stated: I came in 2021, not for the electricity bill.
Non-farm payrolls were upset again, and the market fell sharply; XAI was 0.166 intraday, a new low for the year. Sisyphus asked in the group: "Is it too late to shut down node now?" The night watchman did not reply to him, but just sent the day's node daily issue, issue 580, as usual. Sometimes silence is the answer, but no one is sure which answer.
Saturday. The shrinkage after hitting bottom is like a beach after low tide.
Ecological Monthly Report: Migrated games have entered normal operation, with no new additions.
It has been on the market for eight months. airdrop customer retention rate has become the topic of the research number.
On the night of the US election debate, the market prepared in advance, 0.178.
CPI fell, and the debate over the extent of interest rate cuts heated up.
Box molding: grind back and forth between 0.166 and 0.20, and measure the energy.
Small rebound on Friday, 0.19. No one takes it seriously.
Saturday. The Night Watch held the second node mutual aid voice session, and 40 people attended, half less than the last time.
Sisyphus finally didn't turn off node: "If you turn it off, it's really over."
The interest rate week started with everyone holding their breath.
On-chain activity increased by 5% month-on-month. Faint, but positive.
The Federal Reserve cut interest rates by 50 basis points, the first time in four years, and the easing cycle began; risk assets all rose, with XAI following to 0.20. The box pushed up the lid for the first time. Someone on the node channel said: When the macroscopic water comes, it depends on how much of the boat is left.
In the aftermath of the interest rate cut, copycat stocks are trading at 0.21.
node channel has been discussing the word "reinvestment" for a long time.
Saturday. The upper edge of the box is in sight, 0.22.
Sisyphus resumed reading the tape, three times a day, no more, no less.
Breaking through the upper edge of the box, the energy can be gently amplified.
Intraday 0.258, September high. China's massive economic stimulus has been implemented, global risk assets have surged, and XAI has caught on. After two months of numbness, the word "buying the bottom" reappeared in the group for the first time - although the people shouting and buying were not necessarily the same people.
High and fall. The gravity of the box is still 0.24.
The ecological side is quiet, and the rise and fall depends entirely on the macroeconomic situation.
The 600th issue of the Daily Night Watch contains only two words: "Business as usual."
Saturday. Volume taking, 0.235.
At the end of the month, unlock outflow matched the stimulus buying, which was a rare tie.
September ended: closing at 0.228, a monthly increase of 20%, the first decent monthly positive line in the year, and the year's low of 0.166 was temporarily held. Author: This rebound depends entirely on the wind outside - the chain's own sail has not yet risen.
2024-10
October 2024
31October started at.228. The old saying of "Uptober" (October's rising curse) has been revealed again; but the situation in the Middle East escalated that day, and the copycats fell first.
The market stabilized after the Iranian missile night, 0.22.
Risk aversion is at the top, and the market is shrinking.
Non-farm payrolls are strong, the soft landing narrative is back, and the market is warming up.
Saturday. Sentry Node online numbers hit a three-month high - a strange thing in a falling market.
The night watchman explained the strange thing: the lower the currency price, the cheaper the keys, but there are more new node.
0.24, the high zone within the month. An Indian summer after the market value has shrunk by 90%.
The riots in the Hong Kong stock market brought down sentiment and the copycats retreated.
Research number review unlock progress: The progress bar of the release of investor shares has just passed a fraction, and it will be longer.
node's stay or stay was a hot topic in the discussion. The shutdown group calculates the electricity bill: the income is halved, the currency price is ankle-deep, "rational people should have shut down long ago"; the die-hard faction calculates the faith account: tens of thousands of home notebooks are the last moat of this chain. The night watchman stayed on guard for the only reason of "the chain is still there"; Sisyphus admitted: "I want to close it every day, but I don't close it every day." There is no referee in this dispute, the price is 0.23, and I am too lazy to be the referee.
The discussion was inconclusive. node online count has not been lost, not one is missing.
Saturday. In addition to Ecological Weekly, a recruitment post for a "new platform" caused small-scale speculation.
Sisyphus set node running log as mobile phone wallpaper.
The market is rising, copycats are trading horizontally, and the liquidity siphon is visible to the naked eye.
Bitcoin rushes 67,000; XAI is indifferent, 0.205.
0.20 lost. The box moves down and the old support becomes the new pressure.
The number of transfers on the chain is stable. Price and usage continue to be decoupled.
Rumors about Ah Zhen's transfer are circulating among the developer community, but I am not sure whether it is true or not.
Saturday. The standard market during the numb period: unlimited negative decline, 0.185.
The Bitcoin sword is pointing at the front high, and no one cares about the bottom of the altcoin.
It was 0.177 intraday, the lowest in the month. There is no panic in breaking the position - even panic requires popularity.
Night Watchman: The trading volume at the bottom shows that what you want to sell has already been sold out. 0.185.
Sentinel Network’s annual data release: there were no major security incidents throughout the year.
With the countdown to the general election two weeks away, the market only talks about odds, not fundamentals.
Sisyphus set a deadline for himself: he would decide whether to stay or leave after the election.
Saturday. A bet was opened in the group: whether XAI would break 0.15 on election night.
Japan's ruling coalition lost the general election, and the yen began to lose its temper again.
Bitcoin approaches its previous high of 73,000 as sentiment heats up and XAI climbs back to 0.20.
Shanzhai finally has a little bit of intention to follow the rise.
The last calm before the election.
End of October: 0.200, the box has been grinding for another month, 0.177 to 0.246 is all the waves. On Halloween, the group made fun of themselves by turning the K-line into a ghost picture. Author: The chronicle of the period of numbness is the most difficult to write - there are days every day and nothing happens every day.
2024-11
November 2024
30November started at.200. During election week, the world holds its breath. No one thought that this month's XAI script would be written by an "enemy."
Saturday. Odds jumped repeatedly, and the market took sides in advance.
Night Watchman: No matter who is elected, node will produce blocks as usual tomorrow morning.
Risk aversion on the eve of the election, copycats shrunk, 0.18.
US Election Day: Trump is elected. Bitcoin broke through a record high of 75,000 in response, and the audience reveled in the excitement. The narrative of the "crypto president" came to fruition overnight; XAI only went from 0.175 to 0.18, and the carnival had nothing to do with it. Sisyphus looked at the list of currencies that filled the screen and flipped through three pages before finding his own.
Bitcoin continues to hit new highs, and copycats diverge; XAI remains unchanged.
Ships that are not moved by the rising tide are the first to run aground at low tide, 0.172.
Intraday 0.167, the lowest of the month and -90% from the all-time high. The group is discussing disbandment.
Saturday. Sisyphus wrote the "exit post" and stored it in the draft box.
Bitcoin broke 80,000, and overflow funds finally swept into the corner of the copycat, 0.175.
Tweets from "enemies": Depend on Masquera's fortunes
In the evening, Musk tweeted on X: xAI (his artificial intelligence company) will form an AI game studio to "make games great again".
A company called xAI is going to make games - and there is already a chain in the world called Xai that is built for games. Two projects with the same name have collided head-on. For the Xai community, this is no joke: the game was originally its own territory, its own trademark, and its entire narrative, but now it has been stepped in by a tweet from the world's richest man. What's even more absurd is the direction of confusion - search engines, social media, and even AI question and answer tools have begun to confuse the two. Someone asked "Is XAI is Musk's game studio?" and the answer was "yes."
Then, the market reacted in the most cynical way possible: wrong buying poured in. A large amount of funds thought that "buying XAI means buying Musk" rushed into the token with the same name. The price pulled straight from 0.175 to above 0.22 that night, and the volume was ten times that of normal days. The coin, which had been in decline for eight months and had no interest in it, regained interest due to a misunderstanding of mistaken identity.
The community has mixed feelings. Some people spent the night making pictures and laughing at themselves: "This project has nothing to do with Musk, but the increase is real." The night watchman rarely got angry: "The name is a trademark registered in 2023, why did it become a trend?" Some people only cared about one thing - Sisyphus silently deleted the withdrawal post in the draft box. He later explained: "It didn't leave even if it fell to -90%. It doesn't make sense to leave when it rises."
Author's note: On this day, Xai lost the right to interpret his name, but gained the biggest positive line in half a year. In the ledger of fate, whether the money is recorded as "debit" or "credit" will be known only much later. No one thought about it that night. Everyone was looking at the green K-line, laughing and cursing.
Wrong buying continues to pour in, 0.26. The customer service channel keeps explaining "We are not Musk's" all day long.
The volume can be ten times the average of last month, and the market makers were caught off guard, 0.29.
The research account published a series of science popularizations "The Difference between Two XAIs". The more the science became popular, the higher the price rose, 0.33.
The callback is picked up. Hot money does not matter where it comes from.
Saturday. Sisyphus' position was restored from -85% to -70%, which he said was like a dream.
The official did not take advantage of the situation throughout the whole process, and even the wording of the clarification post was measured.
The night watchman reminds: This is wrong love, don’t take it as fundamental. 0.35.
Bitcoin is approaching 94,000, and the whole place is feverish.
0.399 intraday, month's high - more than double from low of 0.167. The self-deprecation of "relying on enemies to pull the strings" has become the community's annual slogan, and the absurdity has closed the loop.
After rising stagflation, smart money began to ship, 0.38.
Bitcoin hovers in front of the 99,000 gate, and the countdown to 100,000 begins.
Saturday. The group debated whether to get off the bus. Sisyphus chose to hold it—again.
The Trademark Lawyer published an article analyzing the possible direction of the double XAI dispute, and the number of reads was unexpectedly high.
The pullback was mild at 0.36. A wrong buy is turning into a wrong buy.
Bitcoin fell back to 91,000, and the audience gasped.
On the eve of Thanksgiving, the US session is reduced.
thanksgiving. The night watchman posted a thank you to "every laptop that is still online."
At the end of the month, funds returned, and the coordination between volume and price was acceptable, 0.38.
November ended: closing at 0.390, a monthly increase of 95%, the largest monthly positive line of the year - but the motivation came from a tweet from an opponent with the same name. Author: Sometimes the market rewards strength, and sometimes it only rewards coincidence. This month falls into the latter category.
2024-12
December 2024
31December started at.390. Bitcoin is one step away from US$100,000, and the year-end carnival is around the corner; XAI wants to take advantage of the misplaced narrative of "game + AI" to make another push, but the fuel tank is still filled with the remaining misunderstandings from last month.
It shot up 0.435 during the session and then fell back - the month's high was seen on the first day.
Chasing a high quilt cover, the heat is reduced with the naked eye, 0.41.
On the night of martial law in South Korea, the global market was in shock for several hours, and the currency circle was in shock.
A historic night: Bitcoin tops $100,000. The circle of friends is like the Chinese New Year, the exchange is down, and taxi drivers are talking about coins; but XAI turned around and closed down at 0.38. In the $100,000 carnival, the gaming sector was overall absent—the invitation to this round of bull market was not sent to GameFi.
A bad buy ebbs out as quickly as it started.
Saturday. Sisyphus once again failed to lighten his position above 0.4. Inertia is scarier than greed.
The night watchman started writing the annual node report: more than 300 days of full attendance, several prizes won, no complaints.
The market fluctuated at a high level, and the copycats retreated first, 0.34.
The monthly payment on the chain is unlock as usual. The selling pressure is constant like background music, and no one mentions it again.
Ecological Annual Report Preview: The operating data of migrated games will be made public for the first time.
Bitcoin is trading sideways above 100,000, and the old copycats are no longer around.
The 0.30 pass is the Nth emergency.
Saturday. Falling below 0.30, the heat returns to zero and returns to the home of the box.
Sisyphus' annual summary begins with the following sentence: The word I learned this year is "trap".
Bitcoin hits another new high of 107,000, XAI diverges to numbness, 0.28.
Ah Zhen was transferred to the "New Direction" project team, leaving only maintenance posts on the chain side. She wrote in her farewell post: There is no problem with the chain, the problem has never been with the chain.
On the eve of the interest rate discussion, everyone reduced their positions.
The Federal Reserve cut interest rates by 25 basis points as scheduled, but sent a hawkish signal: it will only cut interest rates twice next year. The U.S. stock and currency markets all fell, with Bitcoin losing 96,000; XAI falling to 0.24. The last piece of candy at the end of the year was confiscated by the Federal Reserve.
Panic continues, and copycats celebrate Christmas with bloodshed.
Saturday. Night Watchman: This is the fourth year, and the market conditions have never made me change my schedule.
The group launched an annual keyword vote: "unlock" took the lead with high votes, and "Musk" came in second.
Shrinking and falling into holiday mode, 0.225.
Christmas Eve. The automatic replies in the customer service channel are also on holiday.
Christmas. The chain produces blocks as usual, node is online as usual, 0.215.
The year's low of 0.166 and the year's high of 1.637 were made into the same picture, which hit the screen.
One inch rebound, 0.22. Annual summary posts began to flood the screen.
Saturday. Sisyphus made a decision: node is not closed, the warehouse is not moved, and we will talk about it next year.
It hit a intra-month low of 0.202 before stabilizing. No one is panicking, and no one is buying the bottom.
On the last full trading day at the end of the year, the market seemed to be asleep.
token launch first year ended: -86%
Closing price: $0.2248. Relative to the all-time high of 1.60 on March 11, it fell by 86%.
Spread out over the year, it hardly looks like twelve months on the same project. In January, the 43rd issue of Binance Launchpool received top-notch treatment, with an opening pin price of US$2.5, and 125 million airdrop swelled from US$70 million to 140 million in one week; in March, it peaked at US$1.60, with a paper value of billions of dollars, and the "next IMX" was shouted throughout the entire network. Then came a long downhill slope: the unlock panic in April and the blank check of "100 Games", the halving of emissions in May could not save the price, the opening of unlock in July and the team's voluntary re-locking, the 0.182 in the global stock market crash in August, the box and numbness in September and October, and the most ridiculous doubling of the year in November with a tweet from the enemy of the same name, 12 Month was alone and deserted under the fireworks of $100,000 in Bitcoin.
The chain itself is beyond reproach: there were no major incidents throughout the year, TPS was ahead of its peers, the halving was implemented as scheduled, and the Sentinel network composed of tens of thousands of home laptops kept running all day long. But when the market prices a chain, it never only looks at the chain. The mechanical selling pressure of unlock, the flagship game that is always "coming soon", the narrative ebb of the entire GameFi track, and a behemoth that steals the name-the four forces twisted into one, screwing the price from the cloud back to the ground.
Everyone has his or her own end. The night watchman's annual report is only one page: full attendance, re-submit, continue next year. Ah Zhen went to "New Directions" and left the words "The problem is never in the chain" before leaving. Sisyphus started from the dream of getting rich with airdrop, walked between greed and disillusionment for a whole year, and finally spent the New Year with -80% position and an unused node - he called this "leave a thought", the author calls this the dignity of the trapped person.
The author makes a final note: The first year of token launch is over. Fanaticism proves that this chain can be loved, and falling proves how precious love is. The real question is left to next year - when the misunderstanding is cleared, subsidies are reduced, and the name is still in other people's mouths, what can this chain rely on to make people stay?
Chronicle Volume 2024, Finale.
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