Elon Musk's actions on the X platform are never casual, especially recently in the crypto ecosystem's strategic moves, which actually point to the ultimate goal of the "Everything App." For investors involved in this ecosystem, these changes are hard not to notice. From an investment research perspective, these adjustments are not just superficial fixes but a re-evaluation of the platform's value logic and business closed-loop.

To understand this wave of transformation, one cannot ignore a person—Nikita Bier. In Silicon Valley's product circle, this name alone signifies a deep understanding of traffic. He has previously created two social apps, tbh and Gas, which became wildly popular among American teenagers; the former was sold to Facebook, and the latter was acquired by Discord. These experiences made him a traffic code breaker—knowing how to generate viral growth and understanding which user activities are truly valuable and which are just consuming platform resources. It is precisely because of this insight that, after joining X to oversee product growth, he quickly identified some of the core issues in Web3 projects.

Represented by information flow projects like Kaito and Cookie, these were once seen as innovative forces within the X ecosystem, contributing millions of dollars annually to the platform through API calls. But the problem is that the underlying operational logic of these projects is fundamentally opposed to X's long-term strategy. They rely on the "reply-to-mine" mechanism to drive engagement, where each reply and each like ultimately aim to accumulate tokens and points. Content value becomes secondary. Under this model, the platform accumulates false prosperity rather than truly valuable information deposits.