Imagine the future, following the previous thinking paths one by one, what relatively large opportunities can there be?
Incremental opportunities:
1. New funds entering the market. A typical example is the arbitrage of GBTC and Tesla buying BTC as a bull market continuation. This is not something to think about for now. Only reconsider this when GBTC becomes an ETF. The root lies with the Federal Reserve.
2. The new application narrative is that DeFi should actually be viewed in conjunction with new public chains. This also relies on the new incoming funds, in short, a Ponzi model. This is why the TVL should be considered when developing new public chains. The root of this lies with the Federal Reserve.
3. New application narratives; the current narratives of NFTs lack underlying foundational applications. The narrative of showing off is already dead.
4. New application narratives; the Metaverse; if META's stock price can't rise, then this is also not worth considering.
5. The next universal dream of getting rich (MEME).
Technological innovation:
6. Ethereum POS; this should become the main line for carrying incremental funds in the future, 'money makes money' means income-generating assets. Pay attention to the path and targets for the entry of incremental funds.
7. The landing of Web 3.0 mainly involves infrastructure and on-chain identity. On-chain identity is also a differentiated expression of incremental logic. Look at the headcount. This triggering event may depend on Musk's acquisition of Twitter. The fundamental point of the X application lies in the uniqueness of identity, similar to the significance of WeChat Pay to WeChat.
8. Ethereum L2, i.e., the complete form of ETH 2.0 after the merger. This doesn't need much explanation; it's also a mainline opportunity, a completion of a technological revolution, and a technological breakthrough is another core point of the crypto market.
9. Multi-chain interoperability, i.e., L0; currently, the interconnectivity between these chains is not secure, and there is no secure cross-chain bridge. They are either already hacked or on the verge of being hacked. To solve this problem, it actually requires the establishment of industry standards for 'same track for vehicles'; it is just unknown whether it will develop after L2 or in parallel, similar to the on-chain pattern of 'one super and many large'.
Regulation:
Regulation is both a cage and an opportunity. Non-compliant large funds are afraid to enter; once compliant, the opportunities for huge profits will be much fewer. The conversion opportunities in between are where the huge profits lie. Regulation may become the core mainstream in the coming year.
Regulation can lead to resource concentration or monopolies and will strengthen first-mover advantages; this should also be where the opportunity lies. For example, regulation of stablecoins and DeFi often has a certain exemption period under the 'principle of inheritance'; moreover, participants who enter the market first will also help establish regulatory barriers as their own moat.