2024 Hong Kong Web3 Blockchain Week was held at the Hong Kong Convention and Exhibition Center from April 6 to 9. The event covered 4 venues and discussed the core issues of each track of Web3. In the past few days, the world's smartest and most innovative minds have gathered in Hong Kong to share and discuss the latest Web3 technical solutions. (For the specific event process, please read: "Event Express丨 2024 Hong Kong Web3 Carnival will open on April 6, and the surrounding activities will be summarized". At the same time, many well-known investment institutions and crypto KOLs also participated. The event in Hong Kong has ended. BlockBeats editor has compiled several "small essays" of the Hong Kong Web3 Carnival for everyone to see their latest discoveries and insights, so that you will not miss the cutting-edge hot spots even if you don't go to the scene.

0xWendy (IOSG Ventures Partner):

Although late, a short essay on Hong Kong from the perspective of VC:

1. Public chain/Infra competition has entered a white-hot stage, and ecological/GTM competition is the next focus

The first thing that surprised me a little about this event was that many founders of top Western projects came to Hong Kong in person and were very active in many events. Projects such as Eigenlayer/Starknet/Ton/Berachain are all very active in preaching in the market.

This also fully illustrates the fierce competition in the current public chain. It is obvious that it took a long time to disprove Infra investment in previous years, and the narrative was grand, but at present, many "fat protocols" retail investors and the market may not buy them. The oversupply of infrastructure will inevitably eliminate some "empty cities" in this round of bull market. How to attract developers and users is very important. Under the current situation that Web3 talents and user base are very limited, it is very difficult to be popular. It takes time to educate and cultivate the habits of developers and users. We can see many attempts to be compatible with EVM and a smoother user experience. This may be the right way.

2. Asian forces are still the mainstream in the Bitcoin ecosystem, and there are differences in Eastern and Western thinking

Although the inscription has been extinguished, Bitcoin is still one of the main topics of this conference. From a macro perspective, everyone generally agrees that the halving is imminent, ETF funds are flowing in, miners are pushing for interests, retail investors are chasing narratives, and some institutions are entering the market. There are many favorable conditions. However, there is still too much noise in the Bitcoin ecosystem. There are countless L2s. The life cycle of many so-called infrastructure projects is comparable to that of ordinary applications, and the technical route is neither mature nor has a consensus. The current competition for L2 is also mainly focused on applications and TVL. It is unclear when Bitvm can be made.

At present, the upcoming runes may be worth looking forward to, and L2 infrastructure will gradually run out of some legit projects, and there are also some old trees that are worth paying attention to.

3. The application side is still very early, and it is difficult for institutions to judge the value. There is no obvious hit in retail investors' participation

I saw more than one person miss the Stepn circle in the past. At present, there is really no application that reproduces this glory. Looking back at the entire venue, the volume of applications is relatively weak. The only lively one is Farcaster's meeting. One of the current problems on the application side is that it is difficult for institutions to establish clear value judgments on the vast number of applications, and the life cycle of applications is generally much shorter than that of public chains. When institutions unlock many investments, they will definitely lose money. This leads to the obvious grouping and dilemma on the application side. Institutions only want to invest in "top-tier" projects, and application projects are difficult to obtain early traffic and trust in the market without institutional endorsement.

Even at Farcaster's gathering, there are still not many people who personally experience this application, but this also shows that the application side is still in its early stages and there are huge opportunities, especially on the basis of the public chain platform to promote its own ecology. For retail investors, they should pay special attention to early application products, which are good opportunities for high odds returns. ethxy, frenpet and other leisure application tokens have increased by 100 times.

4. The presence of exchanges has weakened, but it is still the best business model in the industry

The exchange does not seem to be as dazzling as before in this conference, perhaps it has switched to the mode of making a fortune in silence. There is no doubt that the exchange is still the best business model in the industry, but whether it is Cex/Dex/on off ramp, it is still in a period of slash-and-burn farming, and there will definitely be the emergence and development of new product forms. Many people think that exchanges are all-powerful in the Crypto market and are too big to fail, but only change is eternal in this industry.

From TG Bot to various on-chain trading terminals and Launchpad, they are essentially places for new asset issuance and trading. Blockchain casino, come if you have a dream. In this cycle, I believe that there will still be innovative asset issuance and trading products, and they have already sprouted.

5. Investment has no permanent victory, narrative has no fixed pattern, and market hot spots are scattered and rotated

At this time last year, the Ordinals conference was still very niche, but I didn’t expect that it would become the most dazzling wealth-making myth in the field half a year later. And when we look back at some of the previous investment/project rising stars, they have now disappeared in the long river of "one day in the world, one year in the currency circle". It is very important and necessary for institutions/project parties/retail investors to always be sensitive and open to the market, keep learning about new hot spots, and overcome prejudice and arrogance. Another feature is that the hot spots and narratives of this conference are still relatively scattered, and there is no grand narrative like Defi/NFT in the past.

6. Influence becomes an invisible asset, KOL and personal angel become new elites

From the perspective of primary market practitioners, we have realized that many projects have established "KOL" rounds or sought KOL lists, giving part of the quota to KOL to obtain resources and channels for promotion in the market, achieving a win-win situation. The attention and information of this industry are very valuable, and influence will become part of digital assets.

For investors/project parties, it is also very important to actively speak out and brand on social media. People with the top influence will become the leaders and dreamers of this market, such as a16z/paradigm, etc., and Multicoin's unremitting publicity in the field of Depin is a good example of this. Another point is that KOLs on Twitter shout orders and then ship them out for fans to take over, which is also the realization of influence. Your narrative is chased and paid by the market, and wealth will naturally follow.

7. Most existing projects will strive for TGE this year, time is of the essence

The unanimous conclusion drawn from exchanges with investors and project owners is that if the team is not ready to quietly build another round of bull and bear markets, then TGE this year is the best choice for most teams. From April to the second half of the year, it is expected that a large number of projects will issue tokens, with good and bad projects mixed together, which will help push this market to a climax. For retail investors, they should invest more prudently, otherwise there will be more opportunities to lose money; for project owners, it also means that whether they want to get support from the market or the exchange listing level, they need to compete fiercely.

8. There are thousands of ways to make money, seize the opportunity of institutional long bull

Finally, let’s talk about something practical. There are too many myths of getting rich and retiring recently, which also shows that this is still the best and most promising industry. There are too many ways to make money in this industry, from investing to projects to memes, but no matter which method you use, you must have skin in the game, be deep enough, immersed enough, and open enough. Otherwise, you will be commanding from the shore, and everyone else will be drunk and I will be the only one awake. In the end, you can only gain wisdom while others gain wealth. Many people may underestimate the influence of ETFs on the market. In addition to the new high of Bitcoin, this round of institutional long bull market will definitely have more surprises.

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Crypto V (AC Capital Partner):

I have returned to Myawaddy and would like to present a belated essay about Hong Kong:

My observations:

1. This is a united conference, a victorious conference. For the first time, I have the illusion that "the industry has finally grown up". No matter the VC, ecosystem, project parties, or KOLs I met, they are more pragmatic than in previous years

2. The theme of the conference is collusion and win-win, and there are "thought-out" plots everywhere. Whoever co-organizes an event with whom on the stage represents who is in a group. This is no longer a superficial joint promotion, but a mutual TVL, mutual liquidity, and mutual recharge of phone bills to give away mobile phones.

Offstage, in the corridors of every event, and in every private meeting, everyone finally stopped hiding for the so-called "brand tone" and spoke openly. I provide technology, you provide operations, he provides MM, how to divide the account and what market value strategy. The meeting finally began to have the efficiency of the Canton Fair.

3. Meet up with old friends from various KOL netizens to discuss the progress and promotion of agricultural technology. The hypothesis of "KOL replacing VC" proposed two years ago has finally been realized in a practical sense. The title of KOL can be called out openly, and more so-called "international major projects" have begun to adopt the direct sales financing strategy of "two listed VCs + exchanges + KOLs".

4. The conference has 5 main lines: BTC as a bet, Solana as a bet, mutual aid restaking looking forward to the split stage, the new Cosmos public chain-level group Ponzi, and TON going to Tencent Conference.

My thoughts:

1. The Crypto opportunity window has not narrowed, but has become larger and larger

- There is no main line consensus between the East and the West, and the liquidity war will be on an order of magnitude. The "political correctness" of the last round no longer exists, and each camp has taken out a large budget to find new heroes

- The consensus and participation in on-chain opportunities have increased significantly. The listing of the big exchange is the ultimate demand of collusion, but it is not the only solution to collusion

- The theory of "no opportunity for the grassroot" that the threshold for entrepreneurship has increased has been obviously falsified. What is eliminated are "grassroots professionals" rather than "professional roughnecks". Experienced local dog teams are more popular with the conspirators than "title stamp collectors" who are out of touch with reality. - "Compliance" is only superficial political correctness. Everyone's products and efforts have already explained the problem. As the global political situation splits, regulations continue to increase, but compliance will become increasingly powerless. I admire the courage of those teams that have gone from Silicon Valley to Dubai and cut ties with the powers of the industrial age.

2. All VCs work for Binance

Those who fail to work will inevitably lose their position. Accordingly, either do what Binance likes, or do something completely opposite. Going to extremes will become an advantage in this cycle. As @BroLeonAus said, the lack of exit paths for institutions will bring opportunities to @Bybit_Official@gate_io@bitgetglobal. In fact, I am more looking forward to the emergence of new vertical centralized institutions in this cycle, especially newcomers in Southeast Asia or Russia, which are sanctioned or have no camp. Everyone stopped pretending to be halal in this cycle, can they stop pretending to be compliant in the next cycle?

3. Reflect on yourself

I had in-depth exchanges with many peers during this trip, and I realized that I had a visible gap in the professionalism and coordination of team cluster operations. Old sickle, new problems, it's time to make up for the shortcomings. New cooperation, new conspiracy, new organization.

4. Open Source Sickle

Meeting many friends who like open source sickles, I know that the "Three Plate Theory" is appreciated and even really helps many people. This path is correct, and I will continue to practice, summarize, and share.

Let there be no difficult plate in the world.

Thank you

5. Continue to fight

The bull market is far from over, or is it no longer appropriate to use the bull and bear perspectives to look at the industry we are in? As an investor or a person who organizes the market, should we wait, rely, and ask for the "bull-bear divide", or should this market be a "win-lose" game for us?

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Haotian (Crypto Researcher):

After a three-day trip to the Hong Kong Web3 Conference, I have a lot of feelings, and I can't express them in a thousand words. I will use the fragmented time to simply share my feelings:

1) From the liveliness of the conference, it can be confirmed that the market is in the early stage of the bull market. You can feel the strong enthusiasm for participation, but it is not too Fomo yet. Although the secondary market has continued to fluctuate and wear out during this period, and the expectation of the Fed's interest rate cut has also been delayed, the uncertainties in the bull market have increased, but the enthusiasm of the primary market builders to participate is very certain, which is also the basis for this round of bull market to be firm, lasting and magnificent enough;

2) The theme sharing and panels at the main venue and sub-venues, as well as the surrounding community-led activities, etc., are decentralized, thematic, and community-based, so it is difficult to say which one is the mainstream. Some people believe that Solana can flip Ethereum, some believe that CKB can drive the prosperity of BTC Layer2, and some people go to the direction of AI+DePin to find Alpha. Of course, more people are fighting and sticking to the Ethereum Layer2 field. It seems that everyone has their own "mainstream" in their minds, but there is no one that has gained national consensus and the "main uptrend" of national Fomo has not yet appeared. The entire northwest of Shanxi has become a mess, and who is the leader has not yet been decided. This just proves that it is still in the early stage of the bull market, and there is no track or leader with absolute voice.

3) After the entire social outside the venue, it feels that the weight of CEX exchanges is not so "prominent". Maybe they are forced to hide in the dark for some reason. But without the rows of beautiful Western models and the wide range of Shill visual effects, you can absorb more nutritious spiritual food. Although there are still many kinds of technical, community and industry narratives that dazzle and confuse people, it is obvious that the story is also being told seriously, and the market aesthetics are also raised. After the Bitcoin ETF is passed, it is not only BTC itself that is mainstreamed, but also the Build mentality of Crypto practitioners? In fact, the market is not afraid of telling stories, but is afraid that the market treats leeks as fools.

4) The narrative around "chain" is still the top priority. Whether it is ETH Layer2, BTC Layer2, high-performance Layer1, parallel EVM, modular chain, chain abstract interoperability, AI+Crypto, ZK, DePIN, etc., each narrative direction seems to be centered around "chain" infra. On the surface, all parties in the industry have focused their development efforts on the narrative of "chain", while the direction of application landing seems to have stagnated? But in fact, the direction of application landing is also very lively, but the narrative of the application can only have a sense of existence if it reaches the same phenomenal level as Stepn. Once the application is locked, it has to go through the Internet-style internal roll-in, such as attracting new users, retention, and growth. However, the current level of mass adoption in the market is far from the point where applications can be rolled up. On the contrary, rolling up B-side services can be done by integrating and nesting modular resources, and using chain abstraction to combine liquidity across ecosystems. The scalability is really rich. Rather than saying that the market prefers to tell B-side stories, it is better to say that this is all we can tell at this stage;

5) It can be clearly felt that the new love of BTC Layer2 and the old love of Ethereum Layer2 are in a contest. The Layer2-centric story vision proposed by Vitalik is very beautiful, but the reflection on the currency price and actual delivery expectations is still unsatisfactory. It is precisely because of this that BTC Layer2 has taken on sufficiently large new market expectations. Therefore, there is no doubt that BTC Layer2 is eating the dividends of Ethereum Layer2 landing that is not as expected. Such internal circulation will certainly be suspected of reinventing the wheel, but don’t ignore that the user groups playing the BTC ecosystem and the Ethereum ecosystem are not 100% overlapping. Under the strong consensus of BTC, it is likely to be the core driving force for attracting new users in this bull market. In the long run, BTC Layer2 can derive a unique new UTXO architecture route, and can also be combined with the mature Ethereum layer2 ecosystem. If we take Layer2 as the basis, BTC Layer2 and Ethereum Layer2 are not in a life-and-death competition. It can be clearly felt that both camps are embracing each other;

6) Indeed, we did not see excellent Alpha projects with strong innovation and inspiration. Some people say that this is the stage for Eastern forces to show their muscles, and Western forces are all concentrated on Dubai Token2049 a few days later. In terms of narrative direction, AI, DePIN, ZK, and parallel EVM, if you don’t consider landing, Western forces are indeed more attractive. After all, many Western projects are so highly valued when they are passed on to the Chinese-speaking circle; in terms of innovation vitality, the inscription market, BTC Layer2, and DePIN hardware mining, if you don’t care about Rug friction, the wealth effect of Eastern forces is indeed driving the entire industry forward. Rather than saying that Eastern and Western forces are competing secretly, it is better to say that each has missed each other’s growth. The current Eastern inscriptions and Western MEME forces will always form a combined force after a certain main rising wave force is generated.

7) It is obvious that the voice of high-quality KOLs has become stronger, and to some extent, their influence has exceeded that of some VCs. This is fundamentally due to the change in VC's playing style. VCs work with project parties to incubate projects and attract exchanges to accumulate projects. This round of VCs has obviously become "old leeks". The VC bottom-up dream-building stories that have been locked for a long time in the past no longer work. To a certain extent, the money that wants to escape at any time has become a hot potato. Most excellent projects cannot get quotas with money, and KOLs who have both primary investment capabilities and secondary product-carrying capabilities have become popular. Therefore, the KOL Round did not come out of thin air, and it is a good supplement to the weakness of VC's weakening voice in the primary market.

8) Under the guidance of narrative directions such as Restaking and modularization, the resource integration (La Bang Jie Pai) capability of the project has become increasingly prominent, which is tantamount to the manifestation of soft power beyond the mainstream technology and development narrative of the project party. It should be said that the resource accumulation ability behind the project party will become a strong support for its development expectations. Once a project has extremely strong resources and relationships, it has already won at the starting line from a business perspective. Also telling a story that is difficult to implement, which type of project will users prefer? The answer is obvious;

9) There are too many stories of old trees sprouting new buds in this round, and I personally like to hear and see this. Although the new chain also has the conditions and environment for one-click launch, the Great Again of the old chain hides the earnest expectations of each community, which is also the expectation that should have been delivered. If the old chain can tell a new story, activate the community, consensus and keep pace with the new chain, I personally hope that more old chains will rise.

10) There will be all kinds of FUD voices at every meeting, just listen to it as gossip. TVL false prosperity, DeFi mining income dilemma, potential exchange explosion, etc. If you agree that resource integration is the current market theme, FUD TVL fraud, which is tearing off the industry's bottom line, has no meaning. As for black swan events under uncertainty, it is difficult to avoid, but generally speaking, the project parties and teams that are capable of crossing the bull and bear markets will definitely be more stable and mature in this round. Fud can't kill the project, it can only increase some market noise.

Note: The above thoughts and ideas only represent the feelings from the perspective of personal experience and observation of the conference, and cannot reflect the full picture of the Hong Kong Web3 Conference. However, I hope that the industry can tear off the labels of niche and scam, and gradually develop in the direction of mass and maturity. I really hope that one day I can't understand this industry, but I can always feel its growth.

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Dacong Fred (crypto investor):

After coming to Hong Kong recently, I talked with some investors and found that everyone is paying attention to the AI and DePIN tracks. Share your recent thoughts on AI and DePIN, and discuss with everyone.

Four core issues:

1. Why do most decentralized computing power projects choose to do AI reasoning instead of AI training?

2. What is NVIDIA's strength? What is the reason for the difficulty of decentralized computing power training?

3. What will be the end of decentralized computing power (Render, Akash, etc.)?

4. What will be the end of decentralized algorithms (Bittensor)?

Next, let's unravel the mystery:

1) Looking at this track, except for Gensyn, most decentralized computing power projects choose to do AI reasoning instead of training. The core is that the requirements for computing power and bandwidth are different.

To help everyone understand it simply, let's compare AI to a student:

- AI training: If we compare artificial intelligence to a student, then training is similar to providing artificial intelligence with a lot of knowledge and examples, which can also be understood as what we often call data. Artificial intelligence learns from these knowledge examples. Since the nature of learning requires understanding and memorizing a large amount of information, this process requires a lot of computing power and time.

- AI reasoning: So what is reasoning? It can be understood as using the knowledge learned to solve problems or take exams. In the reasoning stage, artificial intelligence uses the knowledge learned to solve problems, rather than active new knowledge, so the amount of computing required in the reasoning process is relatively small.

It is easy to find that the difference in difficulty between the two is essentially that large-model AI training requires a huge amount of data, and the bandwidth required for high-speed data communication is extremely high, so it is currently very difficult to implement decentralized computing power for training. Reasoning requires much less data and bandwidth, and is more likely to be implemented.

2) So where are the bottlenecks for data and bandwidth? Why is decentralized training difficult to achieve?

This involves two key factors for large model training: single card computing power and multi-card parallel connection.

- Single card computing power: At present, all centers that need to train large models are called supercomputing centers. To facilitate everyone's understanding, we can use the human body as an analogy. The supercomputing center is the tissue of the human body, and the underlying unit GPU is the cell. If the computing power of a single cell (GPU) is very strong, then the overall computing power (single cell × number) may also be very strong.

- Multi-card parallel connection: The training of a large model is easily hundreds of billions of GB. For a supercomputing center that trains large models, at least 10,000 A100s are required as a base. Therefore, it is necessary to mobilize these tens of thousands of cards for training. However, the training of large models is not a simple series connection. It is not training on the first A100 card and then on the second card. Instead, different parts of the model are trained on different graphics cards. When training A, the results of B may be needed, so it involves multi-card parallelism.

Why is NVIDIA so powerful, with its market value soaring, while AMD and domestic Huawei and Horizon are currently struggling to catch up. The core is not the computing power of a single card itself, but two aspects: the CUDA software environment and NVLink multi-card communication.

- On the one hand, it is very important to have a software ecosystem that can adapt to the hardware, such as NVIDIA's CUDA system, and it is difficult to build a new system, just like building a new language, and the replacement cost is very high.

- On the other hand, it is multi-card communication. In essence, the transmission between multiple cards is the input and output of information, how to connect in parallel, how to transmit. Because of the existence of NVLink, there is no way to connect NVIDIA and AMD cards; in addition, NVLink will limit the physical distance between graphics cards, requiring the graphics cards to be in the same supercomputing center, which makes it difficult to achieve decentralized computing power if it is distributed around the world.

The first point explains why it is difficult for AMD and domestic Huawei and Horizon to catch up; the second point explains why decentralized training is difficult to achieve.

3) What will be the end of decentralized computing power?

- Decentralized computing power is currently difficult to train large models. The core is that large model training is most concerned with stability. If the training is interrupted, it needs to be retrained, and the sunk cost is very high. It has very high requirements for multi-card parallel connection, and the bandwidth is limited by physical distance. NVIDIA uses NVLink to achieve multi-card communication. However, in a supercomputing center, NVLink will limit the physical distance between graphics cards, so the dispersed computing power cannot form a computing power cluster to train large models.

- But on the other hand, relatively low computing power requirements can be realized, such as AI reasoning, or small and medium-sized model training in some specific scenarios. When there are some relatively large node service providers in the decentralized computing power network, there is potential to serve these relatively large computing power requirements. And edge computing scenarios such as rendering are also relatively easy to implement.

4) What will be the end of the decentralized algorithm model?

The end of the decentralized algorithm model depends on the end of the future AI. I think the future AI war may have 1-2 closed source model giants (such as ChatGPT), plus a hundred flowers blooming models. In this context, application layer products do not need to be bound to a large model, but cooperate with multiple large models. In this context, Bittensor's model has great potential.

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Dov Wo (crypto investor):

VC perspective on the Hong Kong conference (full of bias):

1. In a bull market, products are not important, narratives and emotions are more important. Meme has repeatedly proved this. At least half of the money raised is used to pull the market.

2. The most core capabilities of this round of bull market: trading ability and shouting ability. If you don't have the ability to trade, please practice shouting. I am also helping some project parties find KOLs for promotion. You are welcome to take my orders. There are many projects that have been invested by binance and OKX but cannot find suitable domestic/overseas promotion channels. False prosperity/buying is just a necessity.

3. VC's status is getting worse and worse, with slow unlocking and high valuations, and retail investors don't recognize it. If they cannot bring additional resources to the project party (such as exchange relations, resources and communities in a specific region, economic model design, promotion capabilities, etc.), most pure financial investment VCs can only be big complainers.

Take a project that recently came to me as an example. The valuation of the KOL round is lower than that of VC, and the unlocking is better than that of VC. (This project is led by a top Western VC)

KOL > VC is not groundless, it really exists. So I am also running a small boutique KOL agency to sell shovels.

4. The most popular activities are Berachain, Solana, and BTC; the ETH ecosystem is relatively inactive, and a big meme is Layer 69 (Solana's own funny ETH spoof video)

5. There are a lot of people at the Side Event, and there may be hundreds of Side Events at this event. On the contrary, there are not many people at the main venue; the project parties may need to reflect on whether the expensive main venue booth is still worth it; for example, Berachain and Solana do not have a main venue booth, but hold their own events. OKX has all booths and activities, and is in the top status, while Binance continues to have no events.

6. Ordinary people must become KOLs and find their own position. For example, if you want to shout "dog", just shout "dog". If you do a good job of analysis, just do a good job of analysis. You can get good business orders. I asked KOLs who shout "dog" to shout orders, and the price of each order ranged from 200U to 2000U. VCs who can't shout orders can't survive, and KOLs who can't shout orders can't make money. If you have traffic, a large number of project parties will actively look for you to cooperate, and you will have better information and more resources. Please read the second point again. Question the teacher who leads orders, understand the teacher who leads orders, and become a teacher who leads orders.

7. This year, there are fewer people talking about compliance and licenses in HK, and more people talking about trading and accumulating resources (it may also be because I have reached a higher stage and can understand and participate). The largest booths at the main venue are OKX and DWF. Everyone knows who has resources and who has money.

ABCDE Lianchuang Du Jun commented on the tweet, saying that "it will be difficult for institutions without core investment and research capabilities."

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Ethan yu (AC Capital partner):

Drank for 2 days and listened to some awesome talk:

1. Chinese institution Fomo Bitcoin ecology and Restaking, European and American/overseas institutions Fomo Solana DePin, a small number of institutions Fomo Cosmos ecology-related Bearchain, some institutions were trapped in the last round GameFi, so now we can only continue to push it hard, but in the end, all of them have to be cut, and the valuation is simply outrageous.

2. Almost all of the consensus is that there are too many gold dogs on Solana, and the get-rich-quick effect has been continuing. In the past few days, the local dog turnover that went to Base has returned to Solana.

3. It’s not that KOLs play a greater role than VCs, but because KOLs have more flexible funds and can shout orders and delete pushes at will, and the unlocking method is also more friendly. What do you do if institutions officially shout orders? On the other hand, institutions are not stupid and have a lot of money. You start with a valuation of 100 million US dollars, and it will take 3 years and 36 months to fully exit. You don’t go to Binance or OKX. Let me invest 500,000 US dollars now. Are you stupid or are the institutions stupid?

4. There are indeed many newcomers and people who want to enter the industry. Young people are proactive, enthusiastic, and eager to learn. They have no industry baggage. They are optimistic about the all-in and just do it. However, there are not enough newcomers, so the bull market is still in its early stages.

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