IOSG: A Game with No Winners, How Can the Shanzhai Coin Market Break Through? Author | Momir @IOSG The shanzhai coin market has experienced its most difficult period this year. To understand the reasons, we need to go back to decisions made a few years ago. The funding bubble of 2021-2022 fueled a batch of projects that raised large sums of money. Now, these projects are issuing tokens, leading to a fundamental problem: a massive supply flooding the market, while demand remains scarce. The issue is not just oversupply; even more concerning is that the mechanism causing this problem has remained largely unchanged to this day. Projects continue to issue tokens regardless of whether their products have a market, treating token issuance as an inevitable step rather than a strategic choice. As venture capital dries up, a