#美国核心物价涨幅不及市场预估 A well-known social token project founder recently sparked heated discussions in the community. His words left a deep impression: "If we die, I hope this industry still survives."

Recently, the project's token dropped 20%, and related tokens also followed the decline. Even more heartbreaking, the community of 157,000 people was directly shut down.

Last July or August, this founder held a Q&A session where users raised a bunch of sharp questions. Some said the content circle was too small, and just saying good morning could earn points; small retail investors had no chance no matter how hard they tried. Others criticized the opaque algorithms and unfair reward mechanisms. At that time, the founder realized the seriousness of the problem.

**The "Double-Edged Sword" of Token Incentives**

Founder Yu Hu candidly said they tried many methods. Increasing entry barriers, strengthening content filtering, redesigning incentive models... but none were ideal. Why? Because rewarding posts with tokens essentially creates a bounty for spam. No matter how high the threshold, the profit temptation is always stronger. Human nature is right there — as long as the incentive mechanism exists, spam will never stop.

The more painful issue is that the key lifeline is in others' hands. They are now shifting to TikTok and YouTube, but this seems to have been anticipated. Various signs from the second half of last year hinted at this outcome.

**Limitations of the Business Model**

The business logic of such projects is quite clear: leverage traffic from a major social platform, incentivize users to generate content with tokens, then sell this data to project teams for marketing. Sounds good, but the problem is — this model is completely choked by the platform.

Starting in 2026, the world's largest social platform underwent radical algorithm reforms. Not only does the official regularly update algorithm details, but the platform’s AI strategy leader also issued clear warnings about AI-generated content and crypto communities.

**Evolution of the Platform Content Ecosystem**

Speaking of which, the positioning of this platform has been changing. Initially, it was a content publishing hub for enterprises and brands, then gradually became a news aggregation platform. But with the rise of young platforms like TikTok and Snapchat, it, like Facebook, fell into an "aging crisis" — content became chaotic, signal-to-noise ratio extremely low. Now, scrolling through, you mostly see extreme opinions, hate content, or inappropriate material. Valuable information? Scarce.

If you want news, BBC is more professional. For entertainment, TikTok is more exciting. For in-depth insights, Zhihu and Reddit are deeper. So where is this platform’s competitive edge? Cryptocurrency market trends? Live trading? These needs have long been fully covered by a major exchange’s marketplace feature.

**Platform Iteration and Traffic Shift**

Because of this, algorithm updates for this social platform are imperative. It needs to attract younger users and provide more substantial, valuable information to clean up its ecosystem.

Interestingly, a major exchange’s marketplace feature has really gained momentum since last year. They built a vertical community communication platform. Although the user base and traffic entry still come from that large platform, ultimately, all the deposits return to the exchange’s marketplace ecosystem — which is where transactions are completed and value is realized.

In this era, whoever controls the discourse has everything. Because users can be kicked out at any time, traffic can shift instantly, and the platform’s attitude determines everything. Instead of being controlled by someone else’s platform, it’s better to build your own controllable territory.

$BNB