A brief discussion of this bull market: This is the best cycle, embrace this process

Original Author: Luyao

One

Li Yang asked me to write an article to talk about my views on this cycle.

Because I am one of the few people he knows who are optimistic about this cycle.

This makes me feel very strange. What reason is there not to be optimistic?

This is very much like planting fruit trees, with roots growing, branches growing, leaves growing, but just haven’t borne fruit yet.

If you only focus on the fruit, it will be a long pain.

Most of the crypto world is made up of investors, who are easily trapped in this fruitless sadness.

I don’t think it’s necessary. Growth takes time. Even farmers know that fruit trees don’t grow in a day, let alone the new species we’re planting today, which require our patience and love.

Two

In 17/18, we experienced a wave of ICOs, giving birth to countless altcoins, shitcoins, and scams.

Many people at that time thought that crypto had taken a wrong turn and were ashamed to mention this period of history.

People think, crypto is a great thing, a transformative and savior of humanity, yet it is used to issue these meaningless tokens, and even scams, too disappointing.

Some people still think so until today.

However, looking back from today, we will come to a completely different conclusion.

It is the influx of a large number of users brought about by this speculation frenzy that directly drove the development of Ethereum’s infrastructure, and we have obtained better wallets, better RPC nodes, better developer tools, and more exploration of scaling;

It is these numerous long-tail assets created in this wave that have given rise to our thriving DeFi ecosystem today, with their financial needs such as trading and lending.

We can even say that 17/18 was the most important period in the life of Ethereum.

We should learn that each stage has its own meaning, and not rush to judge it with the current perspective.

Three

The day before yesterday, Arweave released something interesting.

The traditional crypto-AI interaction is somewhat similar to the Oracle Machine mode, such as Autonolas, where AI performs calculations off-chain and then writes the results into the blockchain.

And due to its special contract mechanism, Arweave allows you to store the entire large model in the contract and execute it, achieving on-chain native AI interaction with assets. This not only eliminates the risk of centralization, but also enhances composability.

The official examples are very interesting. They created a game where they issued a coin called ‘Yamtu Coin’. You can find the king of Yamtu and exchange your real assets ($AR) for this Yamtu Coin, but whether he gives you the coin or not depends entirely on his willingness. This king is controlled by AI.

The issuance of assets completely controlled by NPCs is something that was unimaginable in the past. But obviously, it is not limited to this, and there are more possibilities in the future.

Four

Talking about these is not about talking about Arweave, it is just one of many developments in our cycle.

In gaming, over the past year, we have gained more truly playable blockchain games and many better tools;

On social media, we have experienced a series of projects that tokenize people like Friend.Tech, and fully decentralized social networks like Farcaster.

In terms of content, we see Bodhi trying to tokenize all content assets to build a basic layer;

In AI, we have obtained various AI agents such as Autonolas, and then to the AI module of AO;

On Meme, we have seen a large number of new tokens, even a large number of user-created Meme coins, as well as tools that drop the issuance threshold of Meme coins (such as pump.fun).

All of the above, everything that happened in the past year, is essentially similar. We can see clearly that crypto is gradually extending to peripheral things. These things themselves are also virtual: games / people / relationships / content / AI / Meme, people are still exploring how crypto interacts with them.

Don’t ask, ‘What’s the point?’ Everything has its meaning in growth, which we cannot comprehend at the moment, but we will eventually understand.

Don’t ask ‘When will there be mass adoption?’ The only thing that can be certain is that when there really is mass adoption, you will miss the era before mass adoption, when everything was just starting to emerge.

This is the best period, embrace the process.

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