Have you noticed? Right now, the crypto space has no shortage of KOLs—but what’s in short supply is actually worth writing about. Every day you open Twitter, it’s all about “mindset,” “perspective,” “emotions,” or grand theories. A trivial matter gets dissected by dozens of people, repeating the same few phrases over and over again. Many think KOLs have become watered down—but I’d argue it’s not that they don’t want to produce substantive content; it’s that the entire industry can no longer support so many content creators. And I can say this clearly: this won’t just be the new normal—it will only get worse. Why? Recall a few years ago: whenever a new sector gained traction, dozens—even hundreds—of institutions rushed in, spawning dozens of competitors in the same space. NFTs, DeFi, cross-chain, GameFi—didn’t every single one follow this pattern? Back then, information was the one thing the market had in excess. Today, a project raises funding; tomorrow, another upgrades its protocol; the day after, there’s a partnership, an airdrop, or a token launch. Even if everyone was producing homogenized content, there were always different projects, angles, and news to draw from. But what’s the problem now? After several bull and bear cycles, the market has gradually filtered out the weak. Countless projects have died or gone dormant; even those still alive are often barely functioning—no official updates, no active community, no users. What were once dozens of competing projects in a single sector now may have only a handful still active. And while new projects continue to emerge, truly innovative ones with real users and consistent progress are far fewer than we’d imagine. Projects can die. Sectors can cool. But KOLs can’t stop posting. Before, dozens of projects supported a cohort of content creators. Now, dozens of creators are circling the same few hot topics, recycling the same material. You write it, I write it, he writes it. One piece of news gets spun into ten different bullish interpretations. A routine product update is hailed as a revolution. When there’s nothing left to say, they pivot to emotions, mindset, perspective, and life lessons. I’m not saying these topics have zero value—but when genuine, high-quality information becomes scarce while content production doesn’t shrink accordingly, inflation in content becomes inevitable. Even more realistically, many KOLs rely on exposure, traffic, and sponsorships for income. Even when there’s nothing meaningful to discuss, they must keep posting—otherwise their traffic drops. Ultimately, this is the result of the industry’s transition from wild growth to maturity: the balance between content supply and demand has shifted. Before, there was too much information—everyone scrambled to repost. Now, quality information is limited—and everyone competes to interpret it. In the future, what will truly be scarce won’t be who’s fastest with news or who posts most frequently—but who can cut through the noise and extract genuinely valuable insights. After all, daily content output doesn’t mean daily value output.