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Ethereum (ETH) surged 40% in the last two days, directly hitting the trending searches on Douyin, ranking first. This is the only time for Ethereum or the entire cryptocurrency circle that news could break through the noise just with a 40% increase, but due to some issues, it was quickly controlled and removed from trending searches.

Many people want to know what has happened to Ethereum in the past few days. Well, actually, I know that what everyone really wants to know isn't what has happened in the past few days, but whether it's worth buying now, right?
I will talk to everyone from two perspectives.
First, it's the aspect everyone is most concerned about but is the least useful, which is why it has risen. There are many issues to consider.

前言
近年来，区块链技术与加密行业持续突破技术边界，以前所未有的创新速度重塑全球数字经济格局。
从零知识证明（ZK）对隐私与效率的颠覆，到现实资产代币化（RWA）对传统金融的融合，从模块化区块链对可扩展性的解构，到AI与区块链的深度协同，加密行业正逐步从技术实验迈向大规模应用。
这些新兴赛道不仅承载着技术革新的使命，更在商业模式、治理范式和社会协作层面孕育着深远变革。
《2023-2025年加密行业新兴概念及典型项目研究》立足于行业前沿，系统性梳理了未来三年内最具潜力的17大核心赛道。
通过技术原理拆解、典型项目分析及投资潜力评估，本研究旨在为从业者理清技术演进脉络，为投资者捕捉价值洼地，为研究者提供全景式观察视角。
更多深度研究，欢迎关注Meta星空。

一、ZK赛道（Zero-Knowledge Proof）

1. 概念定义
ZK（零知识证明）是一种密码学协议，允许“证明者”在不泄露原始数据的前提下，向“验证者”证明某个陈述为真。在加密行业中，ZK 技术主要用于两个方面：
链上隐私保护：隐藏交易内容、用户身份等敏感数据。扩容手段（ZK-Rollup）：将大量交易离链处理，仅提交简

Note: My methodology for evaluating projects may differ from that of most KOLs; I do not discuss the feasibility of projects from a technical perspective. Instead, I analyze whether a project is worth investing in based on investment logic. After all, we are not technicians; we are investors looking for returns.
"Fully Homomorphic Encryption" (FHE) has been recognized for a long time, but I haven't delved into it. As a thesis-oriented investor, I think I can share my perspective and thought process upon encountering this new concept, hoping it can be helpful to everyone.
I am not a cryptography expert, so the first time I heard about Fully Homomorphic Encryption (FHE) was from an article discussing FHE technology details by Portail Ventures around mid-last year. Even at that time, I didn't pay much attention to FHE, but last month, Vitalik reposted his related article from 2020 on Twitter.

During the May Day holiday, I went back to my hometown, originally just to gather with a few friends. Unexpectedly, a giant baby friend was brought along—he is a second-generation demolisher he met while studying in Beijing, who came back with him to experience the local culture.
My friends know that I am involved in the cryptocurrency space, and when the topic came up, the giant baby brought by my friend spoke up, saying, 'Ah Kong, I've missed a great opportunity! I originally wanted to sell my homestead land to buy coins, but I wasn’t allowed to sell.'
Hearing him say this, I feel that our country really has a sense of proportion—like the idea of not allowing ordinary people into the cryptocurrency space makes a lot of sense. What ordinary people say is incorrect; I would call it a socialist giant baby.

When will the altcoin season come? This is the most concerning question for all crypto users.
Today, I will discuss the reasons why the altcoin season arises in the crypto industry's development history and past analyses, why the current altcoin season is collapsing, and the conditions needed for the altcoin season to return.
Many are looking forward to an altcoin season bull market, but most do not understand what an altcoin season is. Here, I will give a very blunt definition: a market with a sufficiently long duration and enough tokens rising.
Because only such an altcoin season can create opportunities for retail investors to profit. Just a few projects fluctuating do not constitute an altcoin bull market because retail investors cannot find opportunities to seize.

The crypto circle is the first place to easily become a deity. From small trading teachers to top industry giants, as long as you help friends make money, you are a god.
Of course, this god-status will turn into a dog tag when it causes people to lose money—only to be exchanged for a god card when it makes money next time. Everyone knows this situation is wrong, and deep down, they all laugh at such retail behavior.
But when it comes down to it, it inevitably turns into 'the version of yourself that you hate the most', and you remain unaware. This is how the entire network currently feels about Ethereum and Vitalik.

I saw a piece of news this morning that the blockchain storage protocol Walrus completed a financing round of $140 million, with the main investor being Standard Crypto, and notable co-investors including A16Z and Franklin Templeton's digital asset division.
The apparent financing method is very classical, which is Walrus selling tokens ($WAL), with a total supply valuation of approximately $2 billion. Many might not have this concept. The blockchain storage protocol Walrus is a protocol project built on the Sui public chain; at the time of Sui's financing, its valuation was also $2 billion.
Walrus, who exactly is going to take over? To be honest, since this year, I’ve developed a kind of physiological aversion to assessing new projects. This aversion comes from the disparity between valuations and market values—what kind of thing can just open its mouth and have such a high market value? Do you deserve it? I wonder what everyone thinks; I personally feel it doesn’t deserve it.

Sky Mavis developed the globally popular blockchain game Axie Infinity, which peaked in 2021 with over 2.7 million daily active users and monthly revenue exceeding $334 million. On March 23, 2022.
Members of the North Korean hacker organization Lazarus Group disguised themselves as HR from a Singapore gaming company and sent a recruitment document to Sky Mavis.
The resume on the document is very impressive, not only does it have experience in well-known game development, but it is also a KOL in the crypto circle. However, more importantly, the document contained malicious code.
On March 27, the hacker staff gained control of Axie4/9 through malicious code, and after several days of mingling in the community, built up trust to deceive the community into handing over 1/9 of the control. Two days later, on the 29th, the hacker directly stole 173,600 ETH and 25.5 million USDC, totaling $625 million.

Ethereum's earliest headquarters was the spaceship house in Switzerland. On the day of the college entrance examination for domestic students in 2014, Vitalik and the leadership of Ethereum chose this place for a full internal meeting. Everyone was discussing:
Will we be whores or set up a figurehead in the future?
That day-long meeting formally announced that the future largest public chain leader in the crypto industry would not act like a whore, and the 'Eight Kings' who created Ethereum would fall apart.
According to founder Vitalik's recollection: "I was trying to shirk responsibility throughout the process because I really didn't want to take on the responsibility. In the end, I had to clear out some people."

Night fell on December 9th. There were only a few cigarettes left in the box, and the music in the KTV gradually faded. His voice was low, unsure if he was talking to himself or to his friend, “Today is not over yet, it hasn't ended, right...” His friend was whispering sweet nothings to the princess, as if he heard but didn't hear. Suddenly, he turned over and let out a hum, as if responding, but it also seemed not.
“Tomorrow might get better,” he thought, accompanying his princess to the restroom but hadn’t returned yet. In a daze, he caught a glimpse of the phone tossed aside, suddenly feeling an indescribable anxiety.

Words written in front:
The crypto industry has a sufficient "value consensus" on Bitcoin, and many people have discussed the value of Bitcoin from the perspectives of technology, finance, currency, etc., but from my observation, there seems to be no complete enough article to summarize it. This article will explore the value of Bitcoin based on my long-term thinking and judgment in VC and crypto investment, and combine the history of currency development, capitalist ideology, future development trends of society, and the characteristics of Bitcoin.
At the same time, because I hold Bitcoin, the views and positions in this article are closely related, and I hope that friends who read it carefully will be aware of this.

Very interesting news, today when netizens questioned the importance of the US government to Musk, Musk said that the United States was saved by a squirrel and MEMECoin. As soon as the news came out, the MEME coin PNUT, which is based on the squirrel, rose by 40%, and its market value has reached 650 million US dollars.

That’s not all. A few days ago, an AI-type MEME token rose 20 times in a single day after listing on Binance. After the market value fell back, it is still worth 570 million US dollars. If we add those MEME coins that were previously well-known, such as Doge, SHIB, PEPE, WIF, etc., the total market value of this entire track has reached 100 billion US dollars, which is a very exaggerated figure.

All victories come from the persistence of faith. Believe in the power of belief. We will never be disappointed. Welcome to follow Starry Sky Value Investment. There must always be someone who looks up at the stars.
In the article (In-depth investment review from hundreds of thousands to tens of millions: the logic behind BTC/ETH/SOL position configuration and future choices), when I reviewed the changes in BTC\ETH\SOL positions, many readers sent me private messages asking me to share the overall investment system.
Actually, I have shared this once before, but as the market changes, although the general idea remains unchanged, there are still some important adjustments. So I will take this opportunity to share with you the investment thinking system that I relied on from A6 to A8, which was correctly practiced in the past, is correctly practiced now, and will most likely be correct in the future. I hope that you will not operate blindly during the bull market.

Election Day attracts global attention, and currently, Trump has a significant lead in votes. Let me share a chart to illustrate the situation:

The final battleground is in Pennsylvania, the place where Trump was shot in the ear a few months ago. On Polymarket, gamblers are giving a win rate of 67.5% to 37.9%. It seems the situation is set, and the crypto market has reacted significantly; Bitcoin has violently surged in minutes, breaking historical highs and reaching unprecedented heights of 75K.
A few days ago, I mentioned in (Behind the Presidential Race: Retail Investors Controlled by Financial Consumerism) that regardless of the final outcome of the presidential race, the trend will not change. What is the trend? The trend is that inflation in the U.S. won't stop, money printing won't stop, and Bitcoin will continue to rise.

A reader commented a few days ago that they had followed me for two years and noticed a change in my attitude towards Ethereum. I said yes, my attitude has indeed changed, but not towards ETH, rather towards BTC and Sol.
The concept that has run through my investment career is how to select the right assets at the right time. It sounds simple, but it's actually very difficult because the market is always changing. There are many things that seem correct but turn out to be incorrect after a while, while the truly correct things are just a few.
Therefore, investment is about doing subtraction, not addition. The progress in investment ability lies in being able to find the 'correct' answer among the options that 'seem correct.' Of course, this answer may not necessarily be truly correct, because no one can know everything, but doing so is the closest to correctness and the most profitable.

Today, while reviewing projects, I came across an article by an L1D partner titled 'Phantom Tokenomics, Inside the Obscure Daedalus Labyrinth', which translates to: 'The Daedalus Labyrinth: Hidden Token Economic Models for Retail Investors'. To put it simply: many tokens are not only opaque but also have two economic models.
I have always been quite averse to the industry's emphasis on token economic models. On one hand, tokens do not equate to economics, and on the other hand, discussing this is fundamentally misguided.
It's like the IPO prospectus in traditional markets, which should emphasize the project's inherent value and future growth potential. The more confident a project is, the more straightforward it wants to write it, fearing others won't understand its merits; whereas inferior projects often complicate financial designs, fearing others will realize they are trash.

Short-term speculation is ten thousand times more fun than investing.
I remember when the inscription craze was going on, I went on Twitter to look for all kinds of products that could be minted, including inscriptions and NFTs. You could make a lot of money just by paying a little gas fee.
There are projects with returns of dozens, hundreds, and even thousands of times. The two that impressed me the most are OrdiRocks, which cost 5U to mint and later increased to 500U per piece; and the inscriptions on NEAR, which have returned 2,000 times.
Including the airdrops of uni, op, arb, and Xpet games in the past, if the wallets had not been robbed by hackers, they would have made a lot of money, including PEPE and ORDI as well.

Let me tell you something interesting.

During the National Day holiday, something very important happened: the US non-farm payrolls data far exceeded expectations. The expectation was 150,000, but the actual number was 250,000. What does this mean? It means that the Federal Reserve underestimated the economic activity, and the 50 basis point reduction at the beginning seemed hasty.

After the news came out, everyone's expectations for future interest rate cuts were lowered, and the direct impact was that the US dollar began to rebound. Logically, this would induce assets to flow back to the United States, but it happened that the A-share market was so red, which became a "shallow negative" and everyone was not panicked at all.

As a result, on October 8, the market opened high and closed low, and was pushed down from the daily limit to the 5-day line. After a lot of people were buried in the market, the wind direction changed again, and various conspiracy theories emerged.

I have long wanted to write an article about how to learn about the crypto industry at different stages from novice to OG, but I have never found the time to write it.
It just so happens that there is nothing much to talk about the current market situation. At the same time, there are quite a few newcomers in BRC20\MEME and the market due to BTCETF, so we can talk about it.
Most of the new friends have no idea about finance or the industry, so it is very easy for them to fall into various traps. At the same time, many friends want to learn about the industry, but they suffer from the lack of learning channels or reliable "tutorials".
Given that Akong has been engaged in traditional VC for the past seven or eight years, and has been engaged in crypto investment for five or six years, and has achieved certain results in investing in the crypto industry, (for my experience, please refer to this article "Summary of a 10,000-word long article: Disclosing my experience in traditional and... in the past six years")