Kripto da Gasa: Mafi Kyawun Chain Ke Yin Nasara

Shiga babban taron crypto — a cikin wani tsohon ma'ajiyar kaya da aka gyara a Denver ko dakin taro na otal mai tauraro biyar a Singapore — za ka ji tsofaffin taken da aka gaji da su har sai sun daina ba da wata ma'ana. Masu jawabi suna magana game da "al'umma" kamar wani gidan ibada ne. Suna rera taken "WAGMI" — Dukanmu Za Mu Yi Nasara — kamar wani asiri na kariya don kauce wa duniyar jadawalin farashi (charts). Kyan tallace-tallacen yana nuna masana'antar a matsayin rukunin mayakan 'yanci masu tawaye, masu fuskantar zaluncin tsarin kudi na gargajiya: hadakar masu son alheri da ke kirkirar hanyar zuwa kyakkyawar makoma.

Wannan kyakkyawar karya ce. Gaskiyar fagen cryptocurrency ita ce, ba hadin gwiwar gina rumbun abinci ba ne, a'a, fadan wuka ne a cikin dakin kiran waya. Fili ne inda nasarar wani ke nufin faduwar wani (zero-sum); kudaden da ake iya amfani da su (liquidity) da kuma hankalin mutane suna da iyaka; daya daga cikin mafi saukin hanyoyin yin nasara ita ce cinye kasuwar wani ko abincinsa kafin su yi hakan. Waccan "al'umma" a zahiri tarin kabilu ne masu fada da juna, kowannensu yana da yakinin cewa tarin kadarorin dijital dinsa ne zai zama makoma, ko kuma zai sa sauran kadarorin dijital su zama zamba, yaudara, ko tsofaffin halittu (dinosaurs) da ke jiran bacewa.

Amma lokacin da kyandir din farashi suka koma ja kuma kudaden masu saka hannun jari (venture capital) suka kafe, duk wani nuna kamar ana hadin gwiwa yana gushewa gaba daya. Karkashin tattaunawar ladabi akwai duniyar leken asiri na matakin masana'antu, sanya farashi mai cutarwa, amfani da dokoki a matsayin makami, da kuma sata kai tsaye. Kuma ayyukan da suka tsira ba su da mafi kyawun manufa. Su ne wadanda suka sani cewa a cikin yanayin da babu tsauraran dokoki, doka daya tilo da ake bi ita ce rayuwa ga wanda ya fi karfi. Radadin tunani na wannan yanayin yana da yawa; yan kasuwa suna karewa da wani nau'in damuwar tunani ta fannin kudi (PTSD), koyaushe suna jiran yaudarar kwashe kudi (rug-pull) ta gaba, mai cin gajiyar rauni (exploiter) na gaba, ko kuma lamarin da ba a taba tsammani ba (black swan) na gaba wanda zai share musu dukiya.

Paranoia ba cuta ba ce a wannan duniyar; dabarar tsira ce.

Fasahar Harin Vampire (Vampire Attack)

Kuma babu abin da ke nuna yanayin cin naman juna na wannan fanni kamar “harin vampire.” Sunan yana da ma'ana sosai — yana nuna shirin tsotse jinin rayuwar abokin hamayya har sai ya zama busasshen kwasfa. Mafi shaharar aiwatar da wannan dabarar ya faru ne a lokacin zafi na 2020, lokacin da yanzu ake yi wa lakabi da “DeFi Summer,” amma wanda a lokacin ya yi kama da haukan neman zinare (gold rush).

Uniswap ne sarkin DEXs (hanyoyin musayar kudi ta decentralized). Yana da yawan hada-hadar kudi, yana da masu amfani, kuma yana da suna. Amma tsarin “open-source” ne, kuma a duniyar crypto, lambar sirri ta open-source gayyata ce ta gasa. Wani mai kirkirar manhaja da ke amfani da sunan bogi, Chef Nomi, bai tsaya ga kwashe (fork) lambar sirrin Uniswap kawai ba; ya kuma kwashe abin da ke cikinta. Ya kirkiri SushiSwap, wani kwafin da ke yin daidai abin da Uniswap ke yi amma ya kara da nasa kudin (token) — SUSHI — wanda ke ba mutane lada idan suka yaudari amincinsu. Idan ka cire kudaden dake samar da damar ciniki (liquidity) daga Uniswap ka mayar da su zuwa SushiSwap, to za a biya ka. Rashawa ce kawai, a bayyane kuma a saukake, kuma ta yi nasara. Sama da dala biliyan daya na liquidity ne suka gudu a cikin kwanaki kalilan. An bar Uniswap tana zubar da jini, kuma dole ta fitar da nata kudin (token) domin kokarin dakatar da kwararar kudaden.

Sannan sai juyin da babu wanda ya yi tsammani ya faru — amma watakila ya kamata kowa ya yi tsammaninsa. Chef Nomi, wanda ake kira gwarzon jama'a, ya sayar da dukkan kudaden (tokens) da aka ba shi a matsayin mai kirkira a kasuwa sannan ya fice da dala miliyan 14 na ETH, wanda hakan ya sa darajar SUSHI ta fadi kasa warwas. Masu ruwa da tsaki sun fusata. Yaudara ce a cikin yaudara. Daga karshe ya mayar da kudin ne kawai bayan daukacin masana'antar sun kunyata shi, amma riga ta riga ta baci. Darasin ya fito fili: A wannan wasan, jarumanka mugaye ne kawai wadanda ba su riga sun kwashe kudadensu sun gudu ba.

Wannan ba abu ne da ya faru sau daya ba; tsarin wasan ne.

Duba "Yakin Curve" (Curve Wars). Curve Finance ya fito a matsayin babban wurin samar da ruwan kudi (liquidity) na stablecoin, kuma tare da token dinsa na gudanarwa wanda ke iko da inda ladan yake tafiya, sauran tsare-tsare (protocols) suka fara fafatawa don samun ikon sarrafa shi. Convex Finance da Yearn Finance sun shiga wata gasar makamai ta biliyoyin daloli don lallashin masu jefa kuri'a na Curve. Wannan ba batun samar da ingantaccen samfuri ba ne; batun kwace injin siyasar abokin hamayya ne, don kwashe ribar da za ta kwarara zuwa aljihunka. Wannan wani nau'i ne na kwace kamfani (corporate raiding), a tsarin decentralized.

Yakin tsakanin OpenSea da Blur ya bi irin wannan tafarkin. OpenSea shi ne tsohon babban dandalin kasuwancin NFT, dandalin da ke girmama kudaden mawallafa (royalties) kuma a kalla ya yi kokarin nuna kamar yana kiyaye mutuncin fasaha. Blur ya ga rauni a wannan tsarin. Sun hada dandalin da aka yi don masu neman riba (mercenaries), ba masu tarawa (collectors) ba. Sun cire kudaden mawallafa, sun mayar da ciniki kamar wasa (gamified) tare da tsarin maki (points), sannan suka mayar da hotunan JPEGs su zama kadarorin kudi masu saurin tafiya. Ba su yi kokarin gina dakin baje koli mafi kyau ba; sun gina gidan caca (casino) mafi hayaniya. Kuma sun kwace kason kasuwar OpenSea ta hanyar amfani da mafi munin dabi'ar dan adam: kwadayi.

Kwaikwayon ya kusa zama abin dariya. Lokacin da tawagar da ke bayan hanyar biyan kudi ta Blur suka kaddamar da hanyar sadarwar su ta Layer 2, wato Blast, an zarge su da satar lambar sirri (code) ta Optimism gaba daya. Ba su ma damu da sabunta bayanan (comments) da ke cikin wasu fayiloli ba. Sun keta lasisin budadden lamba (open-source license) ta hanyar cire sunan asali. Shin kasuwa ta hukunta su? Shin masu amfani sun kaurace musu? A'a. Blast ya jawo ajiyar kudi sama da dala biliyan daya a cikin makonni kadan kacal. A yakin liquid restaking, an gano cewa Renzo da Kelp DAO suna da lambar sirri (code) mai kama da juna sosai har ma suna amfani da bayanan ciki (inline comments) iri daya — wanda hakan ya haifar da hoton barkwanci (meme) na Spider-Man yana nuna dan uwansa, inda kowa ke zargin dayan da satar fasaha. Darasin a bayyane yake: ƙirƙira tana da tsada sosai, amma kwafi (Ctrl+C) ba ya cin komai!

Mafiyar Masu Karɓar Harajin Hanya

Idan ƙa'idojin da ba su da tsakiya (decentralized protocols) suna faɗa ne da wuƙaƙe, to dandalolin musayar kuɗi na tsakiya (centralized exchanges) suna faɗa ne da makaman nukiliya. Waɗannan hukumomi ba kasuwanni ne kawai masu zaman kansu ba; su ne masu tsaron ƙofofin daukacin tattalin arzikin. Su ne ke tantance abin da yake da ƙima da wanda ba shi da shi. Kuma, kamar kowace babbar ƙungiya mai iko a tarihi, suna son dukkan kuɗin ku don kawai ku tsallaka gadarsu.

Rahotannin da suka fito a ƙarshen shekarar 2024 da farkon 2025 game da kuɗaɗen sanya kuɗi a kasuwa (listing fees) ba su yi kama da “wasu yara 'yan makaranta da alamar tsayawa” ba, sai dai kamar wani nau'in ƙwace ne da zai iya ba babban ɗan daba kunya. Mataimakin wanda ya kafa Moonrock Capital ya bayyana wani abu mai ban mamaki game da Binance — babban dandalin musayar kuɗi a duniya — da kuma buƙatar su na kashi 15% na daukacin adadin kuɗin (token supply) wani aiki, don kawai a sanya shi a kasuwa. “Muna ɗaukar darajar dala miliyan hamsin zuwa ɗari sannan muna bayar da ita kamar muna yi muku alfarma ne, ta hanyar barin mutane su yi cinikin kadararku.

Lamarin ya koma bayyana ƙorafe-ƙorafe a fili. Shugaban Limitless Labs ya ƙara da nasa labarin mai ban tsoro, inda ya bayyana cewa Binance ta buƙaci kashi 8% na adadin kuɗin da kuma wasu miliyoyin daloli a tsabar kuɗi.

Wanda ya kafa hanyar sadarwa ta TRON, Justin Sun, ya soki Coinbase a fili inda ya bayyana cewa sun buƙaci TRON miliyan 500 (kimanin dala miliyan 80 na Amurka) da kuma babban ajiyar Bitcoin. Ya samu goyon bayan fitaccen mutumin nan a fannin DeFi, Andre Cronje.

Tabbas, dandalolin musayar kuɗin sun musanta duka waɗannan zarge-zargen. Sun kira su da “ajiyar tsaro” (security deposits) ko “yaƙin neman tallace-tallace” (marketing campaigns) ko “shirye-shiryen samun kuɗi” (Earn programs). Sun yi ta ƙoƙarin kare kansu ta hanyar amfani da wasu kalmomi na daban. Amma idan daruruwan waɗanda suka kafa ayyuka daga sassa daban-daban suka bayar da labari iri ɗaya, to wannan wani abu ne da ba za a iya yin watsi da shi ba. Tsarin sanya kuɗi a kasuwa (listing process) ya lalace.

Tsari ne na "biya-ka-shiga" inda masu hannu da shuni ke samun kwararar kudi (liquidity), talakawa kuma suke komawa bara. Har ma Changpeng Zhao, mutumin da ya kafa Binance, ya amince cewa tsarin yana da nakasu, kodayake ya nuna cewa daukacin lokacin jira tsakanin sanar da sanya kudin dijital (listing) da fara ciniki ya takaita ne kawai ga bai wa na kusa da harkar damar sa'o'i hudu don su riga kowa ciniki (front-run) a kasuwar.

Wannan shi ne yanayin hana gasa na tsarin kudi "budadde". Kulob ne. Idan ba za ka iya biyan kudin shiga ba, za ka ci gaba da zama a waje cikin sanyi. Kuma ba kudaden fito kadai ba ne, siyasa ce. Kafin rugujewarta, FTX ta yi kaurin suna wajen kokarin lallashin masu kula da dokoki a Washington don kafa dokokin da za su gurgunta abokan hamayyarta, musamman Binance. Ba kokarin yin gasa bisa ingancin hajarsu suke yi ba; suna kokarin yin amfani da ikon gwamnati ne don kafa dokokin da za su share abokan hamayyarsu gaba daya. Wannan wani mataki ne na rashin gaskiya mafi muni — kuma ya kusa yin aiki, har sai da zambar da suke yi ta riske su.

Kazamar Harkalla da Wankin Kudi na Dijital

Gasar neman zama na daya ba kawai tana haifar da kudaden fito marasa dadi ba; tana haifar da damfara ta fili. Lokacin da ma'aunin nasara kawai shi ne "lamba ta karu" — ko wannan lambar tana wakiltar farashi ne, yawan ciniki (volume), ko masu amfani — sai yaudara ta zama abin da ba za a iya kauce masa ba.

Dukkanmu mun kalli yadda FTX ta ruguje. Wannan ba gazawar kasuwanci ba ce kawai; zamba ce da girman kai da kuma fargabar gasa suka haifar. Sam Bankman-Fried ya saci dala biliyan 8 daga hannun kwastomominsa, amma ya zama dole ya yi hakan don ya ci gaba da tafiyar da injin din. Ya zama dole ya sayi hakkin sunan filin wasa (stadium rights), ya biya 'yan siyasa, sannan ya dauki nauyin kasada na kasuwanci (venture bets) wadanda suka sanya shi gaba da Binance da taku daya. Sakamakon haka, ya samu shekaru ashirin da biyar a gidan yari, sannan abokan cinikinsa suka koyi darasi kan bambancin dake tsakanin ajiya (custody) da kuma takardar bashi (IOU).

Amma FTX ita ce kawai fashewar da aka fi ji. Rubewar da ba a ji tana ko'ina. Binance ta fuskanci tarar da ta haura dala biliyan hudu saboda gudanar da abin da masu kula da dokoki na Amurka suka kira "Dajin Dabbobi" (Wild West) na wankin kudi.

Suna gudanar da hada-hadar kudi ga 'yan ta'adda, kungiyoyin masu garkuwa da mutane ta yanar gizo (ransomware), da masu cin zarafin kananan yara. Kuma abin tsoron? Bai tsaya ba. Rahotanni daga shekarar 2025 sun nuna cewa har yanzu suna tura daruruwan miliyoyin daloli a madadin rukunin Huione Group, wata babbar kungiyar halatta kudaden haram, koda bayan amincewa da laifi da kuma sanya masu sanya ido. OKX ma ta yi irin wannan abin. Sun biya tara, sun bayyana "ban hakuri", sannan suka bar hanyoyin kudaden haram a bude saboda kudaden haraji (fees) sun yi yawa da ba za a iya kin su ba.

Kuma wannan ba kudi ne kawai na siffa ba — kudin jini ne na gaske. Wasu daga cikinsu sun fito ne daga damfarar “pig butchering”, inda kungiyoyin masu aikata manyan laifuka a Kudu maso Gabashin Asiya suke yaudarar mutanen da ba su san komai ba don su zuba kudaden ajiyar rayuwarsu a dandalin crypto na bogi. Wadannan kungiyoyin sai su halatta wadancan kudaden sata ta manyan dandalin musayar kudi (exchanges), wadanda su kuma suke kawar da kai cikin nuna rashin sani na karya tunda hakan yana sa yawan hada-hadar kudi (volume) ya yi kyau a lissafin kudi. Wata alaka ce ta taimakon juna tsakanin manyan kamfanonin kudi da kuma kuncin rayuwar talakawa.

Sannan akwai yawan hada-hadar kudi na bogi. “Wash trading” shi ne sirrin kazanta na wannan masana'antar. Shi ne sayarwa da sayen kadara tsakanin kanka da kanka, don mutane su yi tunanin cewa akwai bukatar gaske. Kamfanin nazarin blockchain na Chainalysis ya kiyasta cewa biliyoyin daloli na yawan hada-hadar kudi na faruwa ne tsakanin bots da wasu bots din. Masu bincike sun gano cewa kashi daya cikin hudu na ayyuka a kasuwannin hasashe (prediction markets) kamar Polymarket na bogi ne.

Haka kuma hukumar SEC ta shigar da karar masu samar da kasuwa (market makers) kamar ZM Quant da Gotbit saboda samar da “manipulation-as-a-service” (tsarin tafka magudi a matsayin sabis). Suna tura kunshin hada-hadar kudi zuwa ayyukan da suka yi alkawarin nuna yawan hada-hadarsu da farashinsu a lokaci guda ta hanyar amfani da algorithms.

Kuma kada a manta da masu kutse (hackers). Kungiyar Lazarus Group, wadda gwamnatin Koriya ta Arewa ke daukar nauyinta, ta sace biliyoyin daloli a cikin crypto don biyan kudin shirye-shiryen makami mai linzami.

Ba su cimma hakan ta hanyar fasa tsarin ɓoye bayanan sirri (encryption) ba; sun yi hakan ne ta hanyar amfani da raunin ɗan adam. Sun yi amfani da saƙonni na yaudara (phishing), sun kutse lambobin sirri (private keys), sannan sun kwashe kuɗaɗe daga tsare-tsaren (protocols) da aka gaggauta fitarwa kasuwa ba tare da an tantance tsaron su yadda ya kamata ba. An sace sama da dala biliyan 2 a shekarar 2024 kaɗai. Barka da zuwa ga farashin gudanar da kasuwanci a tsarin da lambobin kwamfuta (code) su ne doka, kuma dokar tana da kura-kurai (bugs).

Rayuwa a Cikin Injin Niƙa

To, ta yaya za ka rayu a cikin daji da yake son kashe ka? Ka daina yarda da tatsuniyoyi. Ka daina tsammanin aminci. Ka fara tafiya da kyakkyawan tsari marar kuskure kamar na inji.

Hakika, ga hanyoyin sadarwa na blockchain kansu, rayuwa ta dogara ne kacokan akan ingancin aiki. Ba batun wanda yake da tambari mafi kyau ba ne ko kuma takardar bayani (white paper) mafi zurfin tunani. Solana ba ta ja Ethereum fada ta hanyar kasancewa "mafi kirki" ba, sai dai ta hanyar kasancewa mafi sauri. Ta gudanar da biliyoyin hada-hadar yau da kullum, sannan ta bar matsalar daukewar sabis (outages) ta zama matsalar wani daban, da zarar daukewar sabis ɗin ta daina zama abin damuwa. Ethereum ta koma matsayin hanyar tantance hada-hadar (settlement layer) tsayayyun kuɗaɗen intanet (stablecoins) na duniya, tana sarrafa tiriliyoyin daloli ba don tana da arha ba, sai don tana da tsaro.

Ga waɗancan masu amfani — yan kasuwa, masu haɓaka manhaja (developers), da kamfanoni — rayuwa ta dogara ne akan sarrafa albarkatu. Ba wai batun kasancewa mafi wayewa fiye da mutumin da kuke ciniki da shi ba ne, a’a, fahimtar yadda tsarin (chain) yake aiki ne fiye da yadda shi ya sani.

Kada ka duba ko’ina face a cikin hanyar sadarwa ta TRON don samun misali mafi dacewa. Ta zama kashin bayan tattalin arzikin stablecoin na duniya cikin sanyi. Tana gudanar da hada-hadar USDT fiye da kowa. Amma idan ka shigo a matsayin bako, to kuɗaɗen haraji (fees) za su cinye ka. Canjin kuɗi guda ɗaya zai iya cinye maka sama da 28 TRX idan makamashinka (Energy) ya ƙare. Wannan ba zai yi kama da yawa ba, amma yi tunanin kamfanin sarrafa biyan kuɗi da yake gudanar da hada-hada 10,000 a rana guda.

Wannan TRX 280,000 ne ake lalatawa kullum — dubun-dubatar daloli ne ke bacewa a iska ba tare da an amfana da su ba.

TRON: Wadanda kawai ke tsira a cikin TRON su ne masu amfani da ke amfani da wasu manhajoji wajen cika 'Energy' dinsu! Abin da ba sa yi shi ne kona (burn) tokens; haya suke yi na albarkatun (resources) hanyar sadarwar. Suna sane da cewa a matakin hanyar sadarwa (network level), akwai tsarin tattalin arziki na musamman ga 'Bandwidth' da 'Energy', kuma suna amfani da wannan damar. Suna dogara ne ga dandamali (platforms) don sarrafa hayar 'Energy' ta atomatik, wanda ke rage musu kudin kashewa da kashi saba'in ko tamanin cikin dari. Wannan wani tsari ne na 'arbitrage' mai sauki: idan ka sani, za ka biya 'yan kobo; idan kuma ba ka sani ba, za ka biya daloli. A cikin irin wannan harka mai karancin riba amma mai yawan hada-hada, wannan bambancin shi ne ke raba tsakanin samun riba da kuma durkushewar kasuwanci.

Wannan ya shafi ko'ina. Dole ne ka yi amfani da dabarunka yadda ya kamata. Kana bukatar rarraba wuraren ajiyar kudadenka (custody) ta yadda idan wani dandalin musaya (exchange) ya durkushe — kuma hakan zai faru tabbas — ba za ka durkushe tare da shi ba. Kana bukatar bincikar kowane 'smart contract' da za ka yi amfani da shi, domin akwai yiwuwar kashi 20 cikin dari cewa za a iya yin kutse a cikinsa. Dole ne ka dauka cewa duk wata riba da ta yi yawa har ba a yarda da ita ba tarko ce — domin kusan ko da yaushe haka take.

1. Ka amince da lambobin sirri (code), ba fuskoki ba — kwarjini sau da yawa alama ce ta yaudara.

2. Idan ba kai ne kake biyan kudin hajja ba, to kai ne ake amfani da kai wajen fitar da kudi (exit liquidity).

3. Rage yawan kudaden da kake kashewa a kan hanyar sadarwa (on-chain overhead) — kamar yadda yake a tsarin hayar 'Energy' a cikin TRON, wannan ba zabi ba ne, dole ne.

4. Wasu kananan dandamalin musaya ba su da isassun kudi (insolvent) har sai idan sun tabbatar da akasin haka, wasu kuma suna nuna rashin kudi koda bayan sun nuna kamar suna tafiya daidai.

5. Bari yanayin kasuwa (trend) ya zama abokinka har sai lokacin da ya juya maka baya ya cuce ka.

Masana'antar crypto wani gwaji ne mai ban mamaki, mai ban tsoro, kuma mai bin tsarin 'Darwinian'. Tana kashe marasa laifi kuma tana saka wa masu yawan shakku. Hanyar sadarwa (chain) mafi kyau ita ke yin nasara. Dan kasuwa mafi hazaka shi ke yin nasara. Ingantaccen tsarin more rayuwa (infrastructure) shi ke yin nasara.

Babu lambar yabo ga wanda ya zo na biyu, kuma babu mayar da kudi idan an yi maka damfarar rug-pull.

Yayin da tsarin (ecosystem) yake bunkasa, haka ma kayan aikin tsira suke karuwa. Muna sauyawa daga zamanin yin abubuwa da hannu zuwa zamanin amfani da mutum-mutumi (robotization). A irin wadannan hanyoyin sadarwa (networks) inda sarrafa albarkatu ke nuna riba, dandamali kamar Netts Workspace sun fara cike gurbin. Idan aka hada shi da raba Makamashi (Energy delegation) ta atomatik, tsara lokaci mai basira, da kuma nazarin bayanai na take-take, masu amfani za su iya mancewa da sarkakiyar sarka (chain) su mayar da hankali wajen samun nasara. Wannan shi ne irin makamin kariya da kake bukata idan har kana nufin yin nasara a wannan yakin.