This year’s encryption narrative: LSD: The logic of underlying assets at the national debt level, combined with defi lending and other gameplay, Ethereum’s fixed income + products can make many tricks; RWA: The hope of old leek, the grandest narrative to attract funds; but supervision and Major applications may also require external forces from the industry to promote ZK: The reason why ZK is placed at the second level is because the verification cycle of infra is too long, and the next round of bull market required by cryptocurrency is likely to occur on the application side; Ordinals: leading carving, But if you switch to pure speculation on Bitcoin and there is no new way to play, the novelty will drop quickly. We need to wait and see.