The stories of Bitcoin and Ethereum are already tired, and the buzzwords like trillion-dollar ETFs and re-staking are being chewed over repeatedly. But if you're willing to look at the fringes of the crypto world, you'll find two truly crazy zones: the GameFi spectacle unfolding on TON, and the tens of thousands of near-dead long-tail tokens. These two areas gather the most active gamblers and the most aggressive speculators, and are also the most severe information asymmetry and the most extreme risk meat grinders.

First, let's talk about the GameFi scene. The influx of 900 million Telegram users has brought a carnival of Tap-to-Earn and various mini-games, but everyone who's played knows that awkward feeling—when you click "Open Box" or "Place Bet," how is the result determined? On-chain? Come on, on-chain is too slow and too expensive. Most projects are simply running code on their own servers and then telling you that you lost. Is this still Web3? Basically, it's just moving online casino gambling into Telegram, where the house can change the odds at will, and players have no way to fight back. Sacrificing fairness just to create a "more fun experience," GameFi can never shake off the label of "Ponzi scheme variants."

Now, look at the muddy waters of long-tail assets. Hundreds of new tokens launch every day, but 99% are liquidity deserts—no buyers, no sellers, trading pairs as sparse as ghost towns. From the moment these projects are born, they are dead, ultimately becoming tools for retail investors to cash out and channels for insiders to withdraw funds. These two areas may seem lively on the surface, but their underlying logic points to the same problem: the incomplete infrastructure leaves no room for fair mechanisms.