Nan Ge's Notes:

This is a note written at an altitude of 10,000 meters, on the way to Singapore.

#TOKEN2049 The largest industry summit in the currency circle. This time I mainly went to see the founder of sol, future development, and ecological plan.

Token2049 started on September 18, and the Federal Reserve's interest rate meeting was on the early morning of September 19. So the key node has arrived.

This node is the beginning of this round of rise.

Regarding ETH's views, many family members know that I am a solid supporter of ETH, but ETH's performance in Q3 is very poor, and the anchor is serious.

The biggest reason: ecology + whale (Grayscale)

First of all, ecology: MEME, the mainstream business of ETH, has been surpassed by SOL's ecology. And gradually replaced.

DEFI is an important ecology of ETH. Many users on the chain are still borrowing frequently. But the copycat is really too bad, and there is no lasting one. The demand for DEFI has dropped significantly.

Whale (Grayscale), Grayscale is the earliest ETH ETF issuer, with a fee rate of 2.5%. The fee rate of the later ETH ETF is only 0.15%-0.5%, a difference of 8-10 times. As a result, everyone who bought Grayscale ETH had to change positions and change to lower-fee products. And Grayscale will let its users change positions. Grayscale also issued a lower ETH ETF product. (Here, some people will have questions, why does Grayscale not directly reduce the fee rate and let users change positions? The reason is very simple: because redemption and repurchase require fees. Early ETHE products require a 2.5% management fee to redeem, and a 0.25% subscription fee to purchase a new ETH ETF. Grayscale must earn this stable fee) PS: This is bullying the lax supervision of the currency circle. If it goes to the securities market, ETH will be smashed like this, and then another fund will buy it again. It is a complete market manipulation. But if you can understand the tricks here, you will find that there are huge opportunities here. Grayscale currently has 4 billion worth of ETH. For the overall market value of 300 billion ETH, I can only say that it has only suffered a short-term impact. The huge fluctuations are due to the weak liquidity of ETH. With the interest rate cut and ecological recovery, ETH will return to the anchor soon.

If you are a new player who is conservative in financial management, then ETH will be the safest