The boss is so diligent tonight and participated in three spaces. I will send them to you in three tweets. Many of them are based on the thinking of product users. It is recommended to read them. In addition, I will send you information about several products tomorrow.

The following are personal summary notes. They are for sharing only and do not constitute investment advice. Please correct me if there are any errors.

space(3-1)

1. About BTC hitting new highs repeatedly

1. Net inflow of ETFs. I think the net inflow of ETFs this time exceeded many people’s expectations. Everyone will compare it with gold and find that the net inflow of Bitcoin ETF is dozens of times faster than the rate of gold ETF in the past 20 years. These dozens of times of net inflow actually consumed the money at that time to some extent. Some selling pressure from Grayscale. Especially in February and March, the net inflow of funds every day was scary. At this rate, it will actually surpass gold soon. Of course, in the short term, it may also be a bit overvalued.

2. The BTC ecology is active. It is natural for the price of Bitcoin to rise during the entire cycle to this point in time. However, I think this macro problem is actually difficult to attribute to a micro reason. It must be caused by a combination of factors. For example, the Bitcoin ecosystem itself is active. People used to think that Bitcoin was just a store of value, but now more people are discovering that Bitcoin can actually have an ecosystem and can also issue assets. In the future, everyone’s pricing for this expectation will become higher and higher.

3. The common expectations of the bull market. For various reasons, I think everyone is looking forward to the start of a bull market, and I have also found a signal of the bull market, which is that Bitcoin accounts for more than 50% or even higher in crypto. When Bitcoin starts to rise first, other ecosystems will become more active.

So I think that in fact, various reasons have made the Bitcoin market better this year. But as for how it will rise this year, it is actually difficult to predict.

2. Regarding Casey’s rune protocol of seppuku

1. A high expectation. I think everyone's expectations for runes are very high now. Casey is also the type who compares to Degen overseas, and often posts some weird things.Even when I met him offline last September, I thought he was a very interesting person. So I don’t think we should talk about this too literally. It’s more about his own expectations for the runes protocol.

2. Trying to replace BRC20. After he made the ordinals protocol himself, his starting point was to hope that everyone would engrave more interesting content into Bitcoin. In fact, he never thought about using inscriptions to issue coins, but when he later saw that BRC20 became popular, he was very unhappy with BRC20. He also hates that the above are all using json files, because 80% or even more than 90% of ordinals that everyone sees are Json files. He thought this was a very inelegant form and did not take advantage of the ordinals feature. He may personally prefer to use a new FT protocol to issue tokens. This was his point of view in September last year, and he issued a new agreement to solve this problem. Of course, we only learned about this idea when we were chatting offline. At that time, no one in the market knew about it.

3. The key is construction. Since he has stepped forward to develop such a Ruins protocol, of course he hopes that the popularity will continue, and his ego also hopes that this protocol can surpass BRC20 and become the hottest currency issuance protocol on BTC. So I understand that this is his original intention. As for whether it is possible for Rune Protocol to reach 1 billion US dollars, I think it is still very possible. But the long-term development of this agreement depends more on the strength of the people building it. Because we see today that the reason why ordinarys is so good is because there are actually far more developers than ARC20 and SRC20.

Finally, I want to say that Merlin will support runes protocol bridges, indexes, etc. as soon as possible, so everyone can stay tuned.

3. Planning for overseas markets

1. Stabilize the foundation. Planning In fact, we don’t have much planning. We are more like adapting to the flow of the market. We believe more in this kind of natural innovation. So next, whether we just talked about the support for Rune Protocol, or the emergence of more new applications on the chain.If we have a plan, I think our plan is to attract more developers with a more stable and secure on-chain infrastructure and a more open and friendly attitude.

2. Natural growth. In fact, in this way, we can expect some good things to grow. Someone asked us before if Merlin would have its own particularly native and large ecosystem. Just like everyone has seen on solana and ARB, they have grown their own representative ecology. My answer is definitely yes. But this kind of thing is not created by force. It does not mean that we forcefully push something and then say this thing becomes our characteristic. It is more natural and grows from the bottom up, which is also a concept that Merlin has always adhered to. So whether it can actually grow depends on the innovation and dedication of developers and everyone in our ecosystem.