On the evening of July 24, 2025, at 19:30, the seventeenth episode of "Unprotected in the Coin Circle" was broadcast on time, bringing a feast of thought to the blockchain industry. Guided by Techub News host Jessica and digital asset expert host Jay Ge, ETH enthusiast Jay Chen, RITD Lab co-founder A Shen, and M&W DAO founder Jerry gathered to focus on recent hot topics, engaging in in-depth discussions on blockchain technology innovation, regulatory trends, and ecological co-construction. This episode centered on transparency construction, breaking down information barriers, allowing the market to gain insights from mutual collisions, and igniting new sparks for the future development of the Crypto field. Below is a wonderful recap of this "Davos Roundtable" style dialogue.

Opening Topic: Analyzing the Reasons for Market Decline

Host Jay Ge opened with a thought-provoking question: "Why did the market decline today? Is it the end of a small bull market climax and the beginning of a correction, or is it just a brief turnover?" He emphasized that this discussion would not focus on specific market conditions but would invite guests to analyze the driving factors behind the decline and future trends from a professional perspective, laying the groundwork for subsequent discussions.

Jerry: The Integration of Bitcoin Standard and Web3 Ecology

M&W DAO founder Jerry shared the vision of the project and his insights on Bitcoin and Ethereum. He introduced that M&W DAO filters quality content through the community, exploring the value of Bitcoin fundamentalism, with the goal of achieving a "Bitcoin standard," which could see a price ceiling of $10 million to $30 million. Jerry believes that the Bitcoin standard requires the prosperity of public chain ecosystems like Ethereum, promoting the development of the Web3 native application market by introducing RWA (Real World Assets) as a financial asset. In the short term (1 - 5 years), RWA will dominate, while the next 4 - 8 years will be a transition period that requires the support of public chains to challenge the dollar standard. From a historical and human community perspective, the Bitcoin standard is an inevitable trend that needs public chains like Ethereum to promote the prosperity of Web3, laying the foundation for the integration of AI and blockchain.

Jay Chen: The Performance Miracle of Ethereum Ecology and Fast Protocol

In response to Jay Ge's question about Ethereum's recent performance, Jay Chen recalled Ethereum's innovative vitality during the last bull market, particularly in ICOs, DeFi Summer, and the NFT boom. He pointed out that in this bull market, centralized projects in L2 "skin-swapping" have deviated from the decentralized concept, exemplified by the sudden cessation of operations of the L2 project "Chrome," highlighting trust risks. He emphasized the "unstoppable" positioning of the Fast protocol proposed by the Ethereum Foundation in May, believing it to be the core of reshaping the main narrative. The Fast protocol is neither a new chain nor a typical L2, has no centralized sequencer, and does not issue tokens; transactions are completed through the mainnet, suitable for RWA scenarios (such as on-chain settlement, stablecoins), balancing low cost and high security, and is considered a potential solution for future settlement protocols.

A Shen: Market Rotation and Liquidity Bottlenecks

A Shen analyzed the reasons for the market decline, noting that Bitcoin's market share dropped from 64% to 58%, similar to last year's Trump rally (BTC peaked at 106,000 before correcting). In the bull market, BTC broke through first, driving Ethereum to catch up to $3,800, SOL to $200, BNB over $800, and altcoins surged by 50% - 100%. However, the current liquidity is insufficient to support a comprehensive market rise, with the ETH/BTC exchange rate hitting the weekly MA60 resistance (0.034), making it difficult to break through in the short term, leading to a correction in ETH and altcoins. A Shen believes the market has entered a phase of adjustment, with liquidity limiting the possibility of sustained market growth.

Jay Ge's Second Topic: Looking Ahead to Future Tracks and Sectors

Jay Ge summarized the opening sharing, praising the professionalism of the guests. He pointed out that since July 10, the market has risen for about a month, and Bitcoin and Ethereum need to correct to "pick up passengers," which is a normal turnover, with funds flowing from BTC to other projects, and derivatives dominating pricing power, showing good liquidity, with Ethereum's daily K-line turning green. He then posed a second question: Which tracks are worth paying attention to in the future? Beyond value storage, can the Bitcoin ecosystem develop in inscriptions and NFTs? Ethereum NFTs (like OpenSea, Azuki) and Bitcoin NFTs (like Ordinals) show signs of recovery, and he inquired about the potential of community and US stocks on-chain, inviting A Shen to share his views first.

A Shen: Ethereum and RWA Leading, Meme Coins Need Strong Backers

A Shen is optimistic about the development of the Ethereum ecosystem and RWA. He believes that Web3 is transitioning from the internet to a new paradigm of crypto finance, accelerating integration with traditional finance, and that 90% of merchants may disappear. He is focused on new tokens in the primary market, such as SPK, which has speculative potential due to its TVL, protocol revenue, and reasonable market cap ($200 million to $500 million). The opportunities for meme coins are decreasing; last year, after BTC broke through $75,000, meme coins surged, but this round is primarily centered on the Ethereum ecosystem, with only meme coins like Pudgy Penguins performing well due to strong backers, as they have real IP and institutional backgrounds, while ordinary meme coins perform mediocrely. Ethereum and RWA will be the main lines for the future.

Jay Chen: Fast Protocol Promotes Efficiency Improvement of Ethereum Mainnet

Jay Chen focused on the synergy between the PORTICO team restructured by the Ethereum Foundation and the Fast protocol, aiming to enhance the throughput of the mainnet. The Fast protocol reduces costs by optimizing gas usage; for example, Fast Swap transactions consume only 24,000 gas, far less than Uniswap V2's 100,000 to 120,000. This protocol increases block transaction capacity from hundreds to thousands, boosting throughput by 3 to 5 times, representing "L1.5" mainnet expansion rather than traditional L2, aligning with the "unstoppable" concept and consistent with PORTICO's direction, making it one of the most promising protocols.

Jerry: The Century Vision of Bitcoin Standard and AI Order

Jerry believes that the Bitcoin standard is a century-long strategy that has already gone through 3 to 4 cycles of stable development, with prices potentially reaching $200,000 to $1 million in the next two or three cycles, and peaking in 10 to 12 cycles (about 40 years), relying on the Web3 crypto market to achieve this standard. In the short term (1 - 2 cycles), the integration of RWA into the crypto market is key, with dollar standard policies and ETFs being positive signals. In the medium to long term (10 - 20 years), blockchain needs to establish order for AI to prevent AI from rebounding against humanity. Jerry's project plans to create a Web3 media protocol "Crypto Ecological Tree" within 4 years, aggregating resources like GameFi, combining Web3 and AI, and calling for Satoshi Nakamoto and crypto punks to promote top-level design.

Guest and Host Summary: Integration and Technology Driving the Future

Jay Ge concluded that the market outlook is relatively optimistic, with the brief decline being a normal phenomenon, the market ecology is active, and Bitcoin is performing strongly with support from Trump. A Shen suggested paying attention to the core PCE data at the end of July, which will affect the probability of a rate cut in September (50%); if there is no rate cut, it may trigger a market pullback. Jay Chen stated that the Fast protocol is a performance miracle for Ethereum, continuing the spirit of decentralization and promoting the "unstoppable" narrative. Jerry themed "integration," looking forward to the integration of the real world and the crypto market in the next 1 to 8 years, covering RWA, DeFi, GameFi, etc., emphasizing that the optimized allocation of capital lays the foundation for Web3 and AI order. Jessica summarized that this discussion deepened everyone's understanding of the market, encouraging participation in the next Space and promoting the Bitcoin Asia ticket lottery event. The guests unanimously see long-term potential in the market, with short-term attention to relevant data, and integration and technology optimization will be key in the future.

Conclusion

This episode of "Unprotected in the Coin Circle" presented listeners with the current state and future of the crypto market through multi-perspective discussions. The guests outlined the blueprint for industry development from the Bitcoin standard, Ethereum technological innovation, RWA integration, to the construction of AI order. Looking forward to gathering again next Thursday to witness the vigorous development of the Crypto field together!

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