If you've been in crypto long enough, you know the ride is anything but smooth. Every few years, it feels like the whole market hits a wall, wiping out gains and testing everyone's resolve. That's exactly what Ajit Tripathi, better known as @chainyoda, highlighted in a recent chat with The Rollup at SmartCon 2025.

In a clip shared by The Rollup, Chainyoda doesn't hold back: "In crypto, you get a great depression every four years. Crypto is about freedom, but sometimes there's too much freedom." He points out how centralized exchanges basically run the show—they can tweak prices, trigger liquidations at will, and pretty much do whatever suits them. It's a setup that's exciting for the wild west vibe but not exactly built to last.

For those unfamiliar, Chainyoda is a veteran in DeFi (decentralized finance), which is basically the blockchain version of traditional banking but without the middlemen. He's an independent series of DeFi insights, dishing out wisdom on everything from market trends to tech advancements. This discussion happened live at SmartCon, Chainlink's big conference in New York, where industry folks gather to talk about bringing real-world assets onto the blockchain.

Why This Matters for Meme Tokens

Meme tokens—like Dogecoin, Shiba Inu, or the latest viral sensation on platforms like pump.fun—are the ultimate thrill seekers in crypto. They're driven by community hype, social media buzz, and sometimes just pure fun. But Chainyoda's comments hit home here because meme tokens amplify the market's ups and downs.

That "great depression every four years"? It's tied to Bitcoin's halving events, where the reward for mining new coins gets cut in half, often sparking bull runs followed by brutal bears. Meme tokens soar during the hype phases, with prices pumping on memes and celebrity tweets. But when the depression hits, they can drop 90% or more overnight. Remember the 2022 crash? Countless memes went from moonshot to dust.

And the exchange freedom he mentions? Centralized spots like Binance or Coinbase hold massive power over trading. They set the rules, and if they decide to delist a token or fiddle with liquidity, your meme investment could get liquidated before you blink. Liquidation means your leveraged position gets force-sold if the price dips too low, often exacerbating crashes. It's like playing poker where the house can change the cards mid-game.

But here's the flip side: meme tokens are also pushing back against this. Decentralized exchanges (DEXs) on chains like Solana or Ethereum let anyone trade without a central authority. Tools like pump.fun make launching a meme token as easy as posting a tweet, democratizing the space. Yet, even DEXs aren't immune—bots can front-run trades, and volatility is still king.

What's Next for a Healthier Market?

Chainyoda calls out the unsustainability, hinting at a need for better structures. Maybe more regulation to curb exchange overreach, or tech like zero-knowledge proofs (fancy math that proves things without revealing details) to make trades fairer. For meme creators and holders, this could mean safer launches and less manipulation.

If you're diving into meme tokens, take this as a reminder: do your homework. Look for strong communities, real utility beyond the joke, and diversify. Platforms like Meme Insider are here to help, curating the latest on tokens, trends, and tech to keep you ahead.

Chainyoda's words are a wake-up call—crypto's freedom is its superpower, but without some guardrails, it risks self-destructing. As we head into whatever's next post-2025 halving vibes, meme enthusiasts might want to strap in and build smarter.

For the full clip and more context, check out The Rollup's post on X. What's your take on crypto's wild side? Drop your thoughts below!