The teacher's interpretation is actually my concern: The dichotomy between "sustainability" and "shanzhai" is very clear, which is the portrait and participation motivation of the cryptocurrency community—— Most people come here hoping to make quick money, hoping to become rich overnight. Without these two things, everyone would still be playing J8; Perpetual players can allow everyone to continue using contract leverage and continue to dance. The ICO style gameplay of unlisted high-quality US stocks is the best narrative for imitative fan talk, community hype, and searching for the next hundredfold coin. Why is it said that this will impact the entire cryptocurrency market? The original "narrative" of counterfeit currency speculation, now that OpenAI, a world-class IP, has emerged, who can tell a more impressive story than it? Previously, blue chip coins were referred to as' underlying financial assets'. Now that Tesla is on the blockchain, they have become global consensus assets and can even run leverage and hang on pools. What are you playing with? This is a very practical issue, as the valuation logic, narrative gameplay, and focus of attention in the cryptocurrency industry will all be impacted. If it runs smoothly in the future, native assets in the cryptocurrency industry will face three challenges: one ️⃣ Liquidity loss: Users speculate on OpenAI, not your story currency; two ️⃣ Valuation logic collapse: realistic valuation+strong narrative>on chain speculation; three ️⃣ Ecological Bloodsucking: tokenizing US stocks as DeFi's new cornerstone asset, squeezing native roles such as ETH; As for the impact on native digital currencies, I feel the following points: For Bitcoin and others: one ️⃣ The impact of Bitcoin—— In the long run, I think BTC will have a short-term impact, but in the long run, its position is actually more stable; After the short-term popularity of cryptocurrency stocks, some funds on the chain, especially short-term speculative funds, may withdraw from mainstream currencies such as BTC and chase star tokens such as OpenAI and SpaceX, causing Bitcoin to lose short-term attention and experience a decline; However, the main characteristic of Bitcoin, value storage, will not be affected, and the entire mechanism of Bitcoin stocks is based on purchasing on chain stock tokens with cryptocurrencies (BTC/ETH/USDT). In the context where cross-border funds cannot be directly connected to the US stock market, BTC, in addition to its strong price storage function, may essentially become a cross-border clearing and settlement intermediary. In the future, BTC may not only be used for "hoarding and preserving value", but also as a "payment channel flowing into the TradFi world", which is equivalent to strengthening BTC's role as a "digital dollar+clearing currency" and endowing it with new financial practicality. two ️⃣ The impact on other tokens First of all, let's talk about Ethereum. ETH may benefit more because many cryptocurrency ecosystems will be deployed based on EVM, whether it is a layer 2 protocol or deployed on Ethereum itself, which will add more DeFi combination scenarios to the Ethereum public chain; I personally believe that Solana has the opportunity to become an infrastructure platform for trading and portfolio finance on the cryptocurrency and stock asset chains. After all, Robinhood and Jump have already heavily invested in the Solana ecosystem; However, the basic gameplay of cryptocurrency stocks lies in security and decentralization. Currently, Robinhood prefers L2 or ETH modular solutions, so we have not seen the top TradFi projects deploying stock tokens or clearing contracts on Solana yet. However, this signal is also crucial. If it appears, it may be the beginning of a sharp rise. The impact of other altcoins is evident: Shanzhai valuation relies on market value/TVL/community popularity, but tokenized stocks are the "scarce targets" in the real world, with a more closed-loop logic and clearer expectations. Originally, the funds may have gone into meme or altcoin, but now they are directly rushing towards tokenized stocks. It can be said that the narrative competitiveness of shanzhai is about to be crushed. I have summarized several categories: 1) High risk: altcoins that rely on storytelling but lack actual products 2) Neutral and weak: L2, public chain projects, if unable to support the cryptocurrency and stock ecosystem and provide clearing linkage capabilities; 3) Relative stress resistance: infrastructure, real cash flow projects such as EigenLayer, on chain oracle, hosting solutions, etc;