Yesterday, I had a brief discussion with my friends about the recent market trends and some changes in the crypto ecosystem, primarily focusing on two points:

- Has the market turned bullish?

- What do we think about the hottest Robinhood chain in the crypto ecosystem during this period.

Over the past few days, apart from Bitcoin and Ethereum, several well-known projects in the crypto ecosystem have also seen impressive growth --- from their lows, most have risen by more than 20%.

If we must look at it from a technical perspective (even though I don't like and rarely talk about technical analysis in my articles), judging by general common experience, it can be said that the market is somewhat "bullish" --- this is also the focus of excitement in many articles online these days.

Although from my perspective, this doesn't really qualify as a bull market, I can understand the sudden joy appearing in the media, and I also empathize with many people's feelings. However, in order not to be deceived by the immediate "small benefits" while focusing on more long-term interests, I still prefer to ask:

What is the significance of this so-called "bull"?

Since the last bull market, my view on "bull markets" has gradually changed:

I no longer simply believe that breaking previous highs and entering a bull market is something to be overly excited about. A truly exciting and anticipated bull market must have fundamentals ----- more specifically, a bull market supported by new business scenarios and new business models.

A bull market driven solely by emotions or capital pushing prices to new highs has very limited significance. In such a bull market, the ways people benefit will inevitably devolve into collective competition and conflict. That is a zero-sum game with little meaningful outcome, or to put it more bluntly, a gambling game.

A bull market driven by innovations in business scenarios and business models, leading to new high prices, is healthy. In such a bull market, although there are still competitive ways to benefit, there are also ways that are more suitable for ordinary people, more rationally analyzable, and benefit through project growth --- just like the strong performance-backed stocks in the current U.S. stock market.

The last bull market, in my view, belongs to the former type, so even though prices hit new highs, it remains a very awkward situation of being stuck in a range. I am not very good at judging how inflated the prices are in that market, so I simply held onto my coins and did not sell any.

Due to this shift in mindset, my expectation for the next bull market is naturally for a grand, genuine bull market based on business scenarios and model innovations, as I am truly weary of the "pseudo" bull markets driven purely by emotions and capital.

Using this standard to evaluate the current state of development of the crypto ecosystem, it is clear to me that there is no particularly innovative business scenario or model.

Putting aside whether this round of increase can be considered a bull market, even if luck is on our side and it is indeed a bull market or the beginning of one, it still only amounts to another "pseudo" bull market in my eyes.

My friends and I naturally talked about the recently popular Robinhood chain.

I have been continuously following its ecosystem development.

Moreover, objectively speaking, from various data, Robinhood is doing quite well ---- TVL is increasing, popularity is rising, and users are growing; these indicators appear to be heading in a positive direction.

I am very pleased that the Ethereum ecosystem has gained another sub-ecosystem like BASE, and I look forward to an even better, stronger, and more vibrant future for it.

However, there is one core issue that must not be overlooked:

No matter how bustling it is on the Robinhood chain, regardless of what projects it is buzzing about, what exactly among them is original? Are there any scenes and models that we haven't seen before?

Or is there indeed something original that we have never seen, but has that original developed into scenarios and models with real revenue?

In my observations, the answers to these two questions are negative.

In other words, despite the hustle and bustle, it is still mainly those past play styles, fundamentally just repackaging the old with new labels.

With such a serious examination, I no longer feel that joyful.

Therefore, rather than simply focusing on the chain's excitement that is essentially rehashed from the old, I pay more attention to some never-before-seen new things, like the V4 Hook I shared earlier, or "on-chain chips," ...

These new things may not necessarily succeed, but what will undoubtedly bring the crypto ecosystem back into the spotlight in the future will be new things.

So, regardless of how harsh the short-term outlook may be, I remain extremely optimistic about the entire crypto ecosystem in the long run, and the fundamental reason is still what I have shared multiple times:

The crypto ecosystem is a free paradise, unrestrained and unlicensed; this is indeed the greatest land for innovation and the best testing ground for genius.

Here, there will surely be more new things, new scenes, and new business formats that we have never seen before.

I look forward to a genuine bull market brought about by these new scenes and new business formats.

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