Opinion: Network effects are crucial in cryptocurrency investment, and multi-chain strategies are difficult to profit from.

According to Deep Tide TechFlow, on February 27, Anza's Chief Economist Max Resnick posted on social platform X stating, "Network effects are quite inconvenient for many theories currently dominating top VC investment committees, but inconvenience does not mean incorrect.

2010: Uber investors recognized that ride-hailing is one of the most network effect-driven industries in the world and continued to invest in a non-profitable company for years. They were right.

2025: Crypto investors attempt to argue that network effects are irrelevant, believing that every corner of the world will have its own blockchain, each chain will have its tokens, and these tokens will airdrop other tokens, somehow generating meaningful returns. They are wrong."