Whether it is a veteran of several cycles or a newcomer to the circle, it must be at a loss when the Web3 industry, which is almost always hot or "sudden wealth" after Trump's election victory. For a while is a variety of Musk, V god and other big guys with fire new animal Memecoin, while is a thousand times the myth created by a variety of AI agents. Of course, there are all kinds of positive information, such as daily inflows into the US Bitcoin spot ETF, major listed companies led by MicroStrategy continue or start to build their own "bitcoin strategic reserve"; and positive regulatory signals such as the Trump team considering establishing the first cryptocurrency policy position.

All of this is like a bull market, and Bitcoin is heading toward the 10 0,000 USDT mark. But what is under the surface of a bull market?Zee Prime Capital Matti points to the current industry "undercurrent", where "the most entertaining outcomes are most likely" and " opportunism is the strongest paganism in cryptocurrencies.」

If you leave the cryptocurrency industry in 2022, or, you don't really leave, you are attracted by a variety of superficial narratives, hype Memecoin and chasing the generational wealth that may bring, occasionally read industry articles. Well, you should wonder what's happening under the surface. Or, what did you miss?

In this era, there are two phenomena that seem to surround the world. Musk's Razors: The most entertaining outcome are most likely (Note: Occam's razor law claims the simplest and most straightforward explanation or solution)

The once entertaining becomes serious, while the once serious becomes entertaining

The first point is very obvious. By 2016 standards, it was simply inconceivable for Musk to run an American division called DOGE (Government Efficiency Department). But now, eight years later, nothing is impossible.

As for the second point, it's actually the first point. The US election has become the real season end of a reality show called America. Politics becomes entertainment, war casualties are brought live, movie plots are used to convey the agenda, and social media posts can also be prosecuted.

One of the minor symptoms of "once serious entertainment" is money. Specifically, to be the Memecoin. They call it the magic Internet currency, Funnymoney, which is a real-time online meme lottery.

Not everyone can be a meme and profit from it, but everyone can get infinitely close to this goal by flushing the Memecoin.

It is clear that the sovereign state will build a massive reserve of bitcoin (after a group of innovators like El Salvador and Bhutan), not hastily sell in August, as Germany did. Looking back, it is clear that a country should not expect an economically rational decision to continue closing its nuclear power plants and fight a proxy war with its former largest energy supplier.

At the same time, Michael Saylor is working to eliminate all the roots of the bubble, trying to get Wall Street to defeat the sovereign nations in this race.

However, these are Financial Times-style news, and readers don't really care. What is surging under the surface? What is brewing, and leveraged the wheel of the appearance bull market?

If you don't know who is the user —— you are the user

For industry insiders, cryptocurrency has become a way of life. Admitting this is terrible, but it is an indisputable fact. This lifestyle is the sum of quality goods of various cryptocurrency brands. It is a lifestyle that repeatedly transfers funds and loses money, but still hopes to "retire" without any effort. In Mable terms (maybe not so direct), it is:

"This is the most important way of life only for" now "and" now ", because the influence of anyone or something is almost reflected in real time in what we are going through. The concept of the end result is almost obsolete, because the world has really become an infinite game.」

As the cycle changes from "season" to "week," the cryptocurrency industry is growing faster and faster. The so-called "shanzhai season" has now become a "shanzhai week". Narrative rotation is faster than ever, and there are more distractions to choose from.

The cryptocurrency industry has truly entered the Kevin Kelly's Topia (protopia) world, where "today's problems are caused by yesterday's technological success, and technical solutions to today's problems will create tomorrow's problems."

Cryptocurrencies are in a never-ending state of development. Previous gradual improvements will not be seen for a long time, but now it takes only a little push, a small amount of liquidity and expectations of political tendencies to turn that total into a financial frenzy.

Everything in cryptocurrencies is done by the currency. It's the money, the super-financialization of attention. Everyone is a user, even if they don't know it.

Living in a utopia, living in a state of development, you don't even realize that you live in it, because you are forced to upgrade every day. Even if you don't think you're new, you're new every day.「 The momentum of technology drives us to pursue the latest technology, and the latest technology always disappears when the next update appears, so the satisfaction will constantly pass away from our hands.」

In 2017, on-chain trading through the order book (a tribute to Ethredelta) was a bad experience, and AMM was considered inefficient. In 2018, the problem is that nobody wants tokens. By 2020, the market realizes that they can make money exchanging tokens on Uniswap without permission and get paid while providing liquidity. Cryptocurrencies have entered a never-ending state of development.

The trend is better, but it is better to just give the "ticker"

What I know is that each time is different, but not so. The difference is that the nuance of each craze is beyond what most people can imagine and expect. We can't predict where it will take us here, especially given that so many ecosystems and applications are moving in all directions.

My most optimistic guess is that change will happen faster and faster, certain waves will return, and path independence will be the most valuable resource to navigate in such an environment. The so-called L1 or L2 ecology will become less important as trends become application / use case dominant.

Of all the current use cases, I'm most interested in the "agent" and "DeSci" themes because they complement the existing industries of DeFi and Memecoins. Synergism could lead to a Cambrian explosion of new use cases, while some of which are flashy, I still hope that other cases will bring real changes.

If value can flow freely between DeFi, DeSci, and agents, we can really productize "investment progress" and enclose it in a wide variety of memes. In this way, it will self-reinforcing and expand the cryptocurrency market to unforeseen places.

We need cryptocurrencies to promote positive sum games by creating new markets. And that may be why the big companies in the industry are exploring these topics, which can quickly have a real impact. Anyone should never imagine that Memecoins will become a real world asset.

It's important to note that, as with every craze, the demand for genius ideas creates a steady stream of posters, gimmicks, and scams.

Paganism is not really paganism

The triggers for innovation may only be apparent in retrospect, as in nurseries, where the convergence of progressive progress becomes clearly visible in a short time. Next up is that verification is blind, while hunger leads to rights, which will eventually develop into hubris.

Bitcoin was once an entry-level drug in the cryptocurrency industry, but now it's not. At least, not true for retail investors.Memecoin As a monetized attention market, it is becoming an access point for new users. But they are just a momentum deal, not any forward-looking. It is the impact value replaced by the new impact value. No insight can predict this. They are just as quick as any social media post. They are new forms of media that redefine social media.

Just recently, it was realized that Memecoin could be attached to a vision and give it a real character. GOAT's connection with The Terminal Of Truth is the first example linking Memecoin with the role of an AI agent. Luna (AI agent, non-Terra Luna) and Eliza, while expressed in a fairly modest way, indicate that there is a design space where experiments can be conducted.

A few days ago, I discovered a Memecoin tied to an AI agent that can control robots around the world, including driving robots and streaming robots. (disclaimer: Frodobots is our portfolio company, and we hold SAM). If people continue to iterate at this rate, then the game will still be fun. All this only proves that it is now the pinnacle of cryptocurrency entertainment.(Meme) coins is the medium for people to consume.

For now, however, the term "agent" is simply a generic cosmetic modification, but ultimately an automated "shill." However, it still offers a novelty and expands the imagination. In addition to the so-called "pagan" (cult) commitment, it also forces people to make some degree of innovation.

Words like "religious believers" or "paganism" are used lightly, but I would say that the cryptocurrency industry has only one kind of paganism, the belief in "only up and not down" (Up only). Strangely, this is a religion that maximizes rational economic choices while making irrational financial decisions. And the true paganism never calls himself a pagan religion.

So, whether or not you've been in the industry for years, you've probably overlooked that cryptocurrencies are actually becoming a consumer product. It creates a new medium that allows people to consume in the fragmented dopamine economy of attention, and its value is somehow fleeting.

All of this came on the economy and politics, and the most interesting results go both ways. Wealth is lost in an instant, and the greatest opportunity always exists in the asymmetric results. The most promising thing today did not seem like opportunity yesterday, and the biggest threat is easily overlooked.

Opportunism is the strongest paganism in cryptocurrencies.