The problem of vc coins may lead to new discoveries from a different perspective:

The problem of high valuation and low circulation may be solved in the long run:

1. The long-term decline in the price of coins can make the valuation reasonable

2. The growth of performance can digest the overvaluation

So in the end, it still depends on the performance. If the performance wants to grow, it needs to go through the falsification stage, that is, the product can solve practical problems and let people use it frequently

1. Tens of millions of users trade through uniswap every month;

2. Aave protocol fees are about to break through the highest point of the 21-year bull market;

3. Sky11 protocol fees may reach 30 million US dollars, doubling from October;

4. More and more people use wallets to interact on the chain;

5. Retail investors and institutions Continuously pledge ETH in lido;

DeFi protocols are getting stronger and stronger in the baptism of a bear market. The price increase is not necessarily synchronized with performance, but also depends on future expectations. It may take 5 years for performance to increase 10 times, but it may take 3 months for the price to increase 10 times

Nvidia's stock has increased 100 times in the short term, not because of a 100-fold increase in short-term profits, but because people believe that the demand for chips will increase 100 times in the future in the AI ​​boom

Therefore, when the US government issues US bonds on the chain, we will expect tokenized treasury bonds to increase 100 times in the future; then investment, trading and mortgage lending based on tokenized US bonds will also increase 100 times; will ondo, uni and aave benefit from it?

There are also the exponential growth moments of Ethereum ETF supporting pledges and stablecoin payments that we expect, and the future is worth looking forward to.