Timeline 2023-2025

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|                  TIMELINE 2023-2025                        |
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|                                                           |
|   Key events and ponzi evolution this cycle               |
|                                                           |
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Market State: Extremely low liquidity
Dominant Schemes: Low liquidity assets (pre-inscription era)
Key Events:
├── FTX aftermath continues
├── Silicon Valley Bank crisis
└── USDC brief depeg

Market State: Liquidity begins to recover
Dominant Schemes: Inscriptions (order book trading, low liquidity splits)
Key Events:
├── Ordinals ecosystem explosion
├── BRC-20 standard birth
└── NFT trading volume hits bottom

Market State: Liquidity expectations turn positive
Dominant Schemes: Inscriptions continue + Meme revival
Key Events:
├── BTC ETF expectations heat up
├── MoneyArk and other mutual aid schemes flash in the pan
└── FriendTech fizzles out

Market State: High liquidity
Dominant Schemes: Meme-led
Key Events:
├── BTC ETF approval
├── Inscription hype fades
├── 404/Pandora brief explosion
└── Memes start to dominate

Market State: Liquidity peak
Dominant Schemes: Meme + Fair Launch
Key Events:
├── Pump.fun explosion
├── Solana Meme ecosystem
└── VC coin predicament emerges

Market State: CEX liquidity migrates on-chain
Dominant Schemes: On-chain shitcoins + GambleFi
Key Events:
├── "VC coins are dead" becomes consensus
├── On-chain liquidity ratio rises
└── Hyperliquid rises

Market State: Extreme PVP-ification
Dominant Schemes: Flash schemes + Livestream coins
Key Events:
├── Pump livestream trend
├── Sidekick and other variants
└── User behavior extremification

Market State: Liquidity polarization
Dominant Schemes: Highly segmented
Trend Judgment:
├── Old users (DeFi-oriented)
├── New users (Gambling-oriented)
└── Institutional entry (RWA-oriented)

2023: CEX-dominant (85%+)
2024: CEX (70-80%) + On-chain (20-30%)
2025: Trend continues, on-chain ratio rising

2023: Low liquidity assets dominant (Inscriptions, NFTs)
2024: High-speed splits dominant (Memes, Fair Launch)
2025: Gambling + Ponzi fusion (GambleFi)

Old users: Complex logic, long cycles, large capital
New users: Simple and direct, fast in/out, small amounts high frequency

Bear market suitable for:
├── Low liquidity assets
├── High multiple pumps
└── Creating attention

Bull market suitable for:
├── High liquidity distribution
├── Fast dumping
└── Utilizing liquidity

Transition periods suitable for:
├── Observing signals
├── Switching strategies
└── Early positioning