One of the biggest events last week was probably XRP’s victory in its lawsuit against the SEC. In fact, XRP did not completely win the case, but partially won the case. According to Coindesk, the SEC believes that the institutional sales of XRP are illegal, but the "programmed sales" through exchanges and algorithms are not illegal. So whether XRP is a security depends on the form in which it is issued. The part sold by institutions is classified as securities, while the part sold through exchanges and algorithms as "programmed sales" is not classified as securities. This is interesting. Institutional sales are a bit like ICO, where both parties invest and finance directly. Issuing tokens through an exchange is not an IEO. The exchange acts as an intermediary between investment and financing parties, which reduces the degree of centralization. XRP issued in this form is not a security. And it is IDO that sells through algorithms. The XRP issued by IDO is not a security. IDO is the most decentralized form of currency issuance, because tokens are issued through algorithms and investment and financing are realized. Even if someone stipulates it as a security, it will be difficult to manage because this form is decentralized. From this point of view, one of the long-term implications of XRP’s victory in the lawsuit is that it will be beneficial to the IDO platform. You know, the hot spot in the bull market in 2021 is Defi, with TVL and transaction volume being the focus. However, the hot spot in 2025 should be Web3. In addition to TVL and transaction volume, the number of participants and active users of Web3 should be new indicators that reflect the quality of the project.