Today I would like to share some thoughts on the future trends of several major tracks in the crypto world.

In my opinion, the most core and irreplaceable value of Bitcoin is still its monetary attribute, which is the foundation of its resilience.

The value of Ethereum lies in its role as the cornerstone of application blockchains—it has nurtured a large number of valuable ecological projects and promoted the real-world implementation of blockchain technology. Its security remains irreplaceable among all public chains with smart contracts. Those projects that truly possess revolutionary innovations, such as LINK, Uniswap, and Aave, mostly originated from Ethereum's layer one. Other public chains tend to replicate these applications; even now, many projects migrating to layer two networks are essentially still developing within Ethereum's ecosystem.

For the industry to further develop, I believe the key lies in projects like Link — safely bringing real-world assets on-chain through technological breakthroughs, combined with RWA and more sophisticated derivative trading mechanisms. Only by introducing larger volumes of funds can the entire industry reach a new level. Currently, the most core application scenario of blockchain remains financial transactions.

The AI track is more about aligning with the trends of the times, but its actual application and implementation in the crypto world are still very limited. Our focus on AI projects often still centers around capturing trends and generating profits.

The story of the metaverse has cooled down at present, and the future may lie in the deep integration of VR technology and AI, while enhancing the playability of games and designing healthier economic models to break free from the death spiral.

The Bitcoin ecosystem has recently achieved breakthroughs in on-chain expansion due to technologies such as inscriptions and BRC20. In the future, it may be more suitable for the development of NFTs, as the core of NFTs ultimately lies in scarcity and artistic value.

DePIN has the potential to introduce trillions of dollars into the industry, but it will inevitably face more complex regulatory challenges, especially for projects involving geographic information, biological data, bandwidth, and hardware resource sharing. Early participation in this narrative may yield good returns.

The development of the TON ecosystem largely depends on how many resources the TON Foundation is willing to invest in promotion. This industry is very realistic, and the wealth creation effect is often the most direct motivation.

Solana is backed by American funds, and its on-chain transactions are growing rapidly, making it a hub for DePIN, meme coins, and shitcoin projects. The volatility is significant, attracting a large number of primary market players, but its security and downtime issues still need improvement.

Projects like Sui and Aptos, based on the MOVE language, primarily aim to promote the integration of Web2 and Web3, making it more user-friendly for traditional developers and users. Modular blockchains are currently generally overvalued, making it difficult for retail investors to participate at low prices. Although they may technically address some challenges of L2, I feel that the current hype is somewhat excessive.

EigenLayer and other re-staking protocols carry an important narrative for the future of Ethereum. They provide a shared security layer for cross-chain protocols, L2s, and other applications that lack sufficient security, while also offering staking users the opportunity for secondary returns.

The cross-chain interoperability track is currently dominated by the Cosmos ecosystem, but projects often start with a market value of several billion, and there are not many opportunities for ordinary users to participate in the primary market.