Kyle left the cryptocurrency industry with a clear perspective and profound insights, relying on Solana's early investments and bringing hundreds of times returns. He also experienced the bloody lessons of EOS and FTX, suffered huge losses after FTX thunderstorms, but still disclosed his losses and publicly reviewed his decisions in the first place. He can be called the leader of the cryptocurrency industry, Multicoin Lianchuang, and is also recognized as the top cryptocurrency VC investor. He wants to leave the cryptocurrency industry and turn to fields such as AI and robotics, which is regrettable. What's even more poignant is Kyle's deleted tweet, where he said, 'Cryptocurrencies are not as interesting as many people (including myself) once imagined. I used to believe in the vision of Web3 and dApps.'. I don't believe it now. Blockchain is essentially an asset ledger. They will reshape finance, but that's all, not much more. DePIN is another area worth noting. Cryptocurrencies will continue to improve, but all the truly interesting questions have already been answered, except for the issue of on chain privacy/confidentiality. ” This is actually consistent with a critical argument I was thinking about in August last year: the blockchain technology we had hoped for could be combined with many scenarios, such as native web3 applications such as gaming, social networking, e-commerce, and even many offline businesses, in the hope of bringing true innovation and value creation, which may not exist. The biggest application scenarios for blockchain technology, token economy, and encrypted assets in the future are not the expected innovative applications of crypto native, but rather from two scenarios: One is the rapid migration of traditional real assets onto the chain, with the right to contract between coins and stocks. Tokens will also enjoy the benefits and corresponding rights brought by real businesses, because only businesses that create real value can make the token economy circulate positively, otherwise the so-called token economy will still be idle; Previously, https://(x.com)/qinbafrank/status/1940333593550860614? S=46&t=k6rimWSEbo2D2TXolYcM-A has been discussed here; Secondly, it is natural for AI to incentivize other bots, agents, and even humans to complete tasks through cryptocurrency. Smart contracts, distributed ledgers, and tokens will be the main ways and media for agent to agent, agent to bot, and bot to bot interactions in the future. From this perspective, Crypto may be prepared for a highly digitized society in the future. Have we talked about this before: https://(x.com)/qinbafrank/status/1760491207409745956? s=46&t=k6rimWsEbo2D2tXolYcM-A Kyle's deleted tweet about the reshaping of finance through encryption is two-fold: the entire financial system is migrating to the blockchain, and various assets are also migrating to the blockchain. The combination of encryption and AI is something he did not mention, but personally, he is optimistic about it. It cannot be said that Kyle's departure is wrong. Due to a lack of confidence, he will naturally choose other fields. I spent most of my energy on the US stock market in the past period. But I won't leave encryption, and I still believe that there are new opportunities brewing here. I am still looking forward to what we discussed above: The explosion of DeFi caused by the listing of real assets on the chain; More high-quality assets on the chain will lead to derivative gameplay; The real change of the combination of AI and crypto, the arrival of the era of intelligent agent economy; Stablecoins can truly become the role of the global payment settlement layer. If you are still confused, go take a look at the speech of SEC Chairman Atkins: Securities are increasingly being migrated from traditional (i.e. "off chain") databases to blockchain (i.e. "on chain") ledger systems. On chain securities also have the potential to reshape various aspects of the securities market, including the issuance, trading, holding, and use of securities. For example, on chain securities can automatically distribute dividends through smart contracts. tokenization can also enhance capital formation, transforming previously illiquid assets into tradable investment opportunities. Blockchain technology is expected to expand the various new uses of securities, giving rise to many market activities that have not been imagined by current committee rules Autonomous AI agents can execute transactions, allocate capital, and manage risks at a speed that humans cannot match, and embed securities compliance mechanisms at the code level