The essence of this round of on-chain market is that new 'application projects' bypass exchanges and VCs, directly realizing the redistribution of benefits through the model of issuing new assets on-chain. At the same time, project parties do not need to flatter VCs, compete for resources, or pay tolls to exchanges; they can directly showcase their projects on-chain to see if the market will buy in. From the initial pure MEME like GOAT, to chat-enabled AI Agents, then to on-chain funds like ai16z, and then to new asset issuance platforms like Virtual and Spore, every step is getting closer to application.