The various tracks in the crypto space have developed in this way: the first stage is to hype concepts, and the second stage is where landing products emerge. By grasping this core logic, we can avoid falling into investment traps, and may even achieve excess Alpha returns.

1. First, let’s look at the public chain track. Many public chains claim to be the $ETH killer, such as the project $EOS (now renamed to $A) that emerged in 2017 and raised 4.2 billion USD, which has now almost vanished, only relying on marginal topics to attract attention. It wasn’t until the emergence of $SOL / $SUI that the crypto community truly experienced what high-performance public chains are.

2. Next, let’s look at the DEX track. In the early years, the Ethereum decentralized order book exchange EtherDelta was all the rage; many new investors today may not have heard of it. It raised 30,000 ETH, launched with a broken price, and eventually went to zero. It wasn’t until the arrival of Uniswap, which unified the market with a simple and elegant constant product formula, that a grand DeFi world was opened.

3. The GameFi sector should be familiar to everyone. The Vietnamese masterpiece Aixe burst onto the scene, and the P2E model ignited a global boom, followed by Binance’s strong support for the Australian team project StepN, which took over this wave of explosive traffic. But where are they now? Although these pseudo-GameFi projects have faded away, the spark of GameFi has taken root and sprouted in more quality blockchain games, like the recent hit $NXPC.

4. The hot AI sector saw $AI16Z soar last year, even making its founder Shaw feel embarrassed not to cash in on profits. There was also a bunch of KOLs hailing the genius boy Kye Gomez's $Swarms, which still lies flat on the ground today, leaving only $virtual standing out.

Such cases are countless; therefore, we should participate in various Crypto narratives in a way where everyone is intoxicated, while I remain sober—first actively embracing the bubble, then actively popping the bubble, and finally accompanying a long-term, dedicated team.