Let's talk about Ethereum (ETH), Sol and OKX. Through public information, we can find that the water here is not shallow at all. The following content is my original opinion and is for reference only.

Before the collapse of FTX last year, the big players behind Sol were FTX and Wall Street Capital. The 100-fold myth created by Sol in the 20-21 bull market contributed greatly to the rapid rise of FTX. After the collapse of FTX, Sol lost the favor of Wall Street and became the currency with the largest decline in market value among the top 10 in the 2022 bear market (from 259 to 7.8), which once made the market think that it was in a death spiral back to zero. But what is unexpected is that there are two amazing details that prove that the Sol chips spit out by FTX and Wall Street quietly fell into the hands of Oriental Capital, and the time point happened to be after the collapse of FTX last year and Hong Kong announced its support for Web3.0 policy.

The first detail is the summary of the "Development of Web3.0 Technology in Selected Places" written by the Information Research Group of the Hong Kong Legislative Council Secretariat (Figure 1). Those who are interested can go to the official website of the Hong Kong Legislative Council to read the full text. In this introduction picture, Yahoo and IE of Web1.0 and Facebook and YouTube of Web2.0 are all well-deserved top Internet applications in their respective eras, and Bitcoin and Ethereum of Web3.0 are also well-received, but Sol is unexpectedly among them. The answer is self-evident. The second detail is that OKX has reached a full-scale ecological cooperation with Sol (Figure 2), which shows that Sol has completely completed the change of dealers and the wash is very sufficient.

In addition, anyone who knows a little about blockchain technology knows that ETH and Sol are both Layer 1 under the POS consensus mechanism. Both are Turing complete and can realize smart contract functions. They are directly competing currencies in the same track (similar to the relationship between BTC, LTC, and BCH). In the last bull market, Sol was also called the "Ethereum killer." Therefore, if Sol is identified as a security, then ETH should also be identified as a security from a technical and legal perspective, otherwise it would be double standards. Interestingly, in early June this year, the U.S. SEC classified a batch of POS mechanism tokens as securities while suing Coinbase and Binance, including Sol, but not ETH.

The above information can perfectly explain the trend of ETH, Sol, and OKB in 2022-2023:

1) ETH is backed by Wall Street capital, which had already completed its accumulation in June last year, so after the FTX crash in November, ETH's decline was smaller than BTC's, and it did not fall below the low in June 2022. The SEC certainly will not shoot itself in the foot by giving ETH double-standard protection and not classifying it as a security.

2) Sol completed the change of dealers. The new capital and big dealers came from the East. Even though it was classified as a securities crash by the SEC in June, it quickly formed a V-shaped reversal pattern and broke a new high (rebounded from the 22-year low of 7.8 to 32.9).

3) OKX’s background and strength can be explained through OKB. It ignored the FTX crash and was immune to US regulation. It developed an independent bull market in this bear market. Too many specific details cannot be said.