Dali

There are many market hot spots. I'll just write a log.

Trump has a fund called WLFI, and didn't Justin Sun invest 50 million USD into this fund? Recently, this fund has bought a lot of coins, including LINK, AAVE, ENA, and ONDO.

These several coins are indeed great.

ENA and ONDO are considered new coins.

Ondo is the leader in RWA. In 2023, I said that the certainty concept emerging from this bull run is RWA, which refers to real-world assets. In the old crypto terminology, it's called 'assets on-chain'.

Currently, the most representative asset on-chain in the crypto space is USDT, which has put the U.S. dollar on-chain. There are also some that have put gold on-chain, like an ancient fossil project DGD, which has long been closed.

Currently, the reliable option is U.S. Treasury bonds on-chain, with Ondo being the leader.

Besides, there are corporate bonds on-chain and stocks on-chain. I've also invested in a few similar projects, like Polymath and Sharepost, but that project has already gone belly up.

In my bear market observation series, I've talked about RWA. There’s not much to do with assets on-chain; the difficult part is compliance. Like FTX previously involved in trading stocks on their exchange, which involves SEC regulation. This business, simply put, is technically very simple, but compliance is very complex. It falls into the category of low-tech and high-relationship traditional projects. So the biggest companies that get a piece of this pie are BlackRock and Franklin.

USDT is a historical exception; Tether is run by Bitfinex, which can be said to be a Hong Kong company.

USDC is created by Coinbase; they spun off a Circle to handle compliance.

The RWA business is very simple and very profitable. It's like UnionPay; can it not be profitable? It's very profitable.

There is much to talk about, but I won't say too much.

As for buying ONDO, I won't buy it because its current turnover is very low and its profits are very low. Of course, if you talk about potential, it’s enormous. Just the on-chain treasury bond aspect can make a lot of money, and that can be calculated.

Currently, ONDO's market value has exceeded 20 billion USD.

It's said that stock trading is about trading the future. This saying is quite right.

But new stocks are always traded at inflated market values because new stocks are not yet well understood by investors and they can't clearly assess valuations. Thus, trading can go as high as possible.

Another reason is that ONDO's circulating market value is small, similar to WLD, both having low circulating market values. The project party can easily buy up the circulating supply with a small amount of capital, making the total market value very inflated.

This is also the reason why many are disgusted with so-called VC coins during this bear market.

But the emotions of investors are irrational. Everyone criticizes ZK as a VC coin, but then turns around to chase SOL and ONDO. Aren't SOL and ONDO VC coins too?

So don't trust these lowb public investors; they are always childish. Whoever believes them has eaten dog shit. In the morning, they say Da Xiong is bullying them, and in the evening, they say Da Xiong is their best friend in the world.

Don't trust public investors. They are very naive. Whoever believes them has eaten dog shit.

It's like when you become an adult; don't trust your child. If you do, you've eaten dog shit. Children are very naive; their thoughts are unstable, and they don't have a stable worldview or self-awareness. Their thoughts change constantly, without stability. So don't trust what your child says.

Like what was said in the cryptocurrency trading group I'm in, yesterday they talked about the 'Christmas drop', and today it's about the 'U.S. Strategic Reserve'. If you believe what these people say, then you've eaten dog shit.

Unknowingly, I've talked too much.

But I still have a lot of details to discuss.

Don't think I can thoroughly research so many projects; I can't.

ONDO is a project worth considering for building a position in the next bear market. Currently, its market value is overinflated, which I've discussed. Some say they want to speculate, but as I've said, if you want to speculate, go ahead, don't ask me. I don't know how to speculate; every time I do, I lose money. Good luck to you!

Another must-discuss project is Hyperliquid, whose token HYPE has a market value of 27 billion, which is terrifying, while UNI's market value is only 16 billion.

Hyperliquid is a new project, and its market value has far exceeded Uniswap.

HYPE and ONDO both have small circulating market values, but large total market values.

You see, I casually mentioned two, and their market values are far greater than UNI. Their profits are far less than Uniswap.

The main issue with the Hyperliquid project is that it needs observation. I don't know much about it, so those who understand should discuss it more.

Back to the order book, I am optimistic about order book exchanges. The earliest order book DEX was Etherdelta, but of course, that exchange has long been closed. They did an ICO once, and I invested a lot in it, but it all went to zero.

But it doesn't affect my enthusiasm for investing in the DEX track.

You see, I was optimistic about Uniswap in 2020 and again about dYdX in 2021.

It continues my enthusiasm for DEX.

I'm also interested in Hyperliquid. But I don't know enough yet. I won't express too many opinions. I've seen the inflow of funds increasing. There should be some flywheel designs. Others have written many analysis articles on Hyperliquid, you can take a look. I'm also looking. Once I thoroughly understand it, I will express more opinions.

Still, if Hyperliquid is indeed great, I will buy HYPE in the next bear market, just like ONDO.

You see, my mindset is always about buying in a bear market.

This kind of thinking is trained by the market.

Take UNI as an example; when it was issued in 2020, it listed at 2 USD and peaked at 46 USD in 2021.

The bear market in 2023 hit a low of 3.7 USD.

This is why I always say to wait for a bear market to buy. Because most coins drop to very low prices in a bear market, while in a bull market, they soar to very inflated prices.

Ondo and Hyperliquid are both stars, the biggest stars, like Zhang Jingyi and Zhou Ye.

I've also looked at Virtuals.

It's an AI agent project platform. Didn't we talk about ai16z yesterday? The founder Shaw is also working on an AI agent platform, or rather a development framework called Eliza. See, it all connects. Virtuals is also an AI agent development framework. If you want to develop an AI agent, you can go to Virtuals; they have many tools to facilitate your development, not only helping you develop AI agents but also helping you issue a coin.

Hey.

So, many traders' understanding of Virtuals is that it is also a launch platform, like pump.fun, which issues meme coins.

Haha.

This understanding is not correct, but it's almost right.

Virtuals = Eliza + Pump.

You see, knowledge is like a net; the more you understand, the more you understand.

Once you know the relationship between Liu Bei and Guan Yu, and also the relationship between Zhuge Liang and Liu Bei, you can easily extend your understanding to the relationship between Zhuge Liang and Xu Shu. The more you understand, the easier it becomes to extend your knowledge. It's like rolling a snowball; the larger the snowball, the easier it is to pick up more snow. The more knowledge you have, the easier it is to extend and absorb new knowledge. So don't be afraid of unfamiliarity, don't be afraid of not understanding, and don't be afraid of difficulty. As you learn, you will grow bigger and become knowledgeable. It's nothing; people are all the same. Just a day ago, I didn't know what Virtuals was, but after reading a few articles from Odaily and chatting with ChatGPT for a while, I learned a lot. It's very simple.

Aixbt is an AI agent developed on the Virtuals platform; it's a cryptocurrency trading robot. I haven't looked into this project yet.

These projects are all concept-hopping.

Virtuals has some economic models that you can learn about. Simply put, if you issue coins here, you must use VIRTUALS as the trading pair, and the coins issued will also need to give some share to the platform.

Going back to the AI agent topic, as explained yesterday, you can understand it as an app that can do various tasks, with AI behind it completing these jobs.

AI agents are a hot concept in the current AI circle.

The AI agents that have infiltrated the crypto world have issued a coin.

For example, short videos are very popular now. If many companies making short videos infiltrate the crypto space, they would each issue a coin; that's the idea.

It's just that most AI agents in the crypto space are somewhat integrated with crypto operations, like the ai16z we talked about yesterday, which is a fund where robots trade cryptocurrencies.

Many people said they didn't understand the article yesterday. If you don't understand something, just ask ChatGPT, or take the words you don't understand and search online.

For things you don't understand, just read more. After a few readings, you will understand. The main thing is that there's a sense of unfamiliarity at first. It's like seeing a person; I felt unfamiliar the first time I saw Yi Yang Qian Xi, but after seeing him more, I got used to it and recognized him immediately.

This process is called 'recognition'. The trendy term is cognition, which is understanding. English is called 'recognition'. The characteristic of English is to use smaller words, while Chinese tends to use larger words. For example, in English, 'future' is referred to as 'future', while in Chinese, it must be translated to '期货'. In English, they use everyday language, 'future'; they don't create new words, but in Chinese, if you use everyday language, no one understands, so it’s necessary to create new words and professional terms.

Like 'memory' in computers, Chinese has to create professional vocabulary, coining the new term 'internal memory'.

The benefit of the Chinese language is that it is not easily confused. Just looking at '内存', it's definitely a computer component. In English, seeing 'memory' might confuse you, but when referring to computer memory, it’s easy to mix up.

But the advantage of English is that it is not 'high sounding'; it's all about common terms like Dog Sheng and Cui Hua. When you talk about computers, philosophy, or artificial intelligence, it's all straightforward language that everyday people can understand. There are no new terms or grand words; it's all simple knowledge. In fact, these subjects are indeed very easy to understand. That's why when you chat with Americans or Brits about these things, you'll find that most ordinary people understand a bit. But with Chinese people, you can only talk about computers with those who are computer professionals; if they are not in that field, they won't understand a thing about computers. Language is a significant reason. Because for Chinese people, these terms are too difficult. They see it as casual talk, like Dog Sheng, Cui Hua, Mouse, Memory, Recognition, and Knowing.