榕和ronho

This multi-chain narrative revolution, from Bitcoin's Layer 2 infrastructure to Solana's meme frenzy, might just be the most contradictory yet fascinating cycle we're experiencing: on one hand, Bitcoin and Ethereum are holding their 'noble' ground on infrastructure, while on the other, new public chains are fully embracing 'commoner-style' experiments in applications and hype.
In this vast casino, every trader can find their spot, but whether you can leave with profits and knowledge depends on whether you see clearly both yourself and the table you're playing at.
1. Bitcoin & Ethereum: The Kings' Self-Cultivation

Duan Yongping's entry into Circle (CRCL) is a quintessential example of 'Duan's value investing' from an investment philosophy perspective. But what's truly thought-provoking is the bridge he built through this trade between the crypto world and the traditional finance realm—while the crypto industry hails BTC as the one true asset, a top-tier Chinese value investor bets on the entire crypto economy's 'USD settlement layer.' This article aims to argue that Circle is not a 'crypto stock,' but rather a fintech platform that is replacing traditional banking infrastructure; the essential difference between USDC and USDT lies not in technology, but in legal certainty; from the Solana ecosystem to institutional pipelines like Coinbase, an incremental market centered around 'compliant dollars' is emerging; and what Duan Yongping is doing is not 'not investing in Bitcoin,' but rather finding a more certain path to participate in the growth of the crypto economy—by acquiring its indispensable, monopolizing financial infrastructure.

In the first two pieces, we walked through the genesis of Bitcoin and Ethereum, and witnessed how DeFi, NFTs, and meme coins have transformed technology into a massive financial playground. However, these are more about the financialization of existing assets.
What’s happening in this cycle is a complete productivity revolution. It’s no longer about 'moving something onto the chain,' but rather 'creating something entirely new on-chain.' This is the incremental change, and it’s the historic opportunity that we, the retail traders, should be focusing on.
The source of on-chain vitality: when 'issuing tokens' is as easy as posting on social media.

If the first ten years were about laying the foundation, then from 2020 onwards, skyscrapers and massive amusement parks have sprung up on the surface.
1. DeFi: A 'bank on the chain' without a counter.
DeFi (Decentralized Finance) is like moving real-world banks and brokerages onto the blockchain, and it doesn’t need any human oversight.
· DEX (Decentralized Exchange): Trades no longer go through a platform, but you gamble directly against a public liquidity pool. You can stake your unused coins in the pool, and you get a cut of the transaction fees generated by others; this is called liquidity provision. But it's not a guaranteed win; there's something called impermanent loss, remember that—it's the tuition fee you pay for being the 'banker'.

$BTC The underlying logic of blockchain boils down to one word: 'trust.' This tech didn't just drop from the sky; it's a grand social experiment trying to replace human skepticism with code.
1. Bitcoin: a 'public ledger' that no one can alter.
In 2008, a mysterious figure named Satoshi Nakamoto released the Bitcoin whitepaper. The problem he aimed to solve was simple: can two people transfer funds without going through a bank? Can we ensure that no one can back out?
The answer is a public ledger that everyone can have a copy of on their computer. Every 10 minutes, global 'accountants' bundle up a batch of new transactions to form a data block, and then 'chain' it to the previous block. This is what we call blockchain.

Recently, there is an intuitive feeling in the market: AI Agents on Base are booming, Solana memes are rising and falling, while the Ethereum mainnet seems to have become much quieter.
Is ETH L1 lagging behind, or are we overlooking another line? I organized some data for discussion.
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1. What is happening on the Ethereum mainnet: RWA's 'silent accumulation'
The on-chain tokenized fund size has surpassed $22.5 billion, with institutions like JPMorgan and BlackRock deploying RWA assets on Ethereum.
In the first quarter, the mainnet processed 200 million transactions, a 43% increase quarter over quarter.
At the beginning of April, the number of active addresses rose from 380,000 to 840,000, more than doubling.

The year 2025 is not a bull market year for me,
But rather a year of being repeatedly educated in perception.
❌ Loss: It was lost in execution, not judgment
1️⃣ Position management is out of control
I have made many multi-chain asset allocation plans,
But the execution has always been inadequate.
When the market heats up, FOMO emotions kick in,
The position structure starts to deform.
2️⃣ From a meme coin trader to a gambler
It was originally a short-term gamble,
But it turned into an obsession of 'not leaving the table.'
In the end, it wasn't lost in the project,
But rather a loss due to my own greed.
⸻
✅ Gain: An upgrade in the understanding of 'assets'
My biggest gain in 2025 is realizing one thing: