This bull market is indeed different from previous bull markets; it is widely believed that this is the era of on-chain. The secondary market no longer experiences the same kind of growth as in 2021, where many tokens could increase by 10 times or 100 times, with daily fluctuations of several points. Whether it's last year's inscriptions, or this year's memes and AI agents; whether it's Hyperliquid, known as the 'on-chain Binance,' or the on-chain abstract track dedicated to achieving a seamless interaction experience like 'on-chain CEX,' all innovations and developments revolve around the on-chain ecosystem.