⚡ I think everyone should think carefully about these five questions from Haotian brother @ tmel0211! As a long-term trader, you will be shaped by the logic you choose to believe in. one ⃣ Do you dare to take ETH for a long time? You may not be obsessed with ETH, but you have to admit three things: All the underlying logic of on chain innovation is still converging towards ETH; The docking and clearing of RWA essentially require a trusted chain level settlement layer; As long as the on chain behavior continues to grow, ETH constitutes a systematic position. So this question should be approached in a different way of thinking—— If you plan to participate in the on chain economy, you will eventually hold ETH in some form for the long term, which is inevitable in the short term. two ⃣ Is Shanzhai 0? The essence of this question is actually quite comical: If shanzhai is really zero, why can the shanzhai market last for so long? If Shanzhai is not zero, why do nine out of ten people lose money? The answer is simple—— The value of shanzhai is not zero, but the expectations of individual investors for shanzhai are often far greater than the survival structure that shanzhai can carry, and its periodicity is more cruel than most people imagine. So my attitude towards shanzhai has never been negative, but rather hierarchical use: Using it for emotional cycles and short-term games, and then exchanging profits back into mainstream assets, only a few track level knockoffs will consider holding on for a longer period of time. three ⃣ Why hasn't DeFi/NFT gone through another round? Many people think it's due to innovation exhaustion, but I don't think that's entirely true. In the past two years, the infrastructure on the chain has evolved rapidly: modularity, re staking RWA、 Chain abstraction, income based stablecoins... each of these can trigger a major market trend in the previous cycle. The problem lies not in supply, but in demand: User behavior has not undergone a qualitative change, and the PMF (Product Market Fit) on the application side has not truly emerged. The essence is that it cannot match the combination of narrative, lowered user threshold, and liquidity explosion that occurred simultaneously in 2020. four ⃣ What exactly is BN's contribution? I must say that BN has indeed made a contribution in this round, and it cannot be ignored. Do you know how many newcomers are entering Web3 for the first time because of Alpha? Do you know how many newcomers understand what on chain structure is for the first time because of Alpha? Do you know how many small projects that were previously impossible to access were only seen through BN traffic? This scale of traffic siphoning is not something that ordinary platforms can achieve. But dialectically speaking, the positive externality mentioned by Haotian may indeed exist. When a platform is too strong, its main narrative naturally compresses the innovation space of other chains - but this is not BN's fault, but a compulsory course for all platform companies in their growth: How to find a balance between making money and benefiting the industry? I think this should be a paradox of the strong! BN's performance is already very good. As for building an industry level consensus engine, I think it's just a matter of time. five ⃣ Can corporate organizations replace decentralization? The biggest change in this round is that efficiency has been treated as innovation itself for the first time. Corporate structure: efficiency, resources, execution capability Decentralized structure: exploration, openness, trial and error space They are not enemies, but two directions of evolution. Pure commercial organizations are prone to growing into giants but lack openness; Pure research community, with soul but difficult to promote industry scale. The real opportunity to become a major infrastructure project in the industry in the future must be a mixture of corporate efficiency and decentralized soul, which will give birth to the next generation Uniswap and Pendle. This is the path that the industry will definitely take. The final insight—— These questions may seem like we are talking about the industry, but they can actually be attributed to personal issues: What kind of asset structure are you willing to adopt? Are your psychological expectations for shanzhai realistic? Can you distinguish that 'price first rises' and' true bull market 'are not the same thing? What is your purpose for joining this industry? Can you distinguish the essential difference between "platform profitability" and "industry prosperity"? When you understand these issues, market fluctuations will not affect you, and you will not be led away by narratives. I have always believed in one sentence: True freedom does not come from the market, but from knowing why one is present.