In the process of studying AI agents recently, I feel like I have returned to the state of the last bull market, especially the new changes in my understanding of the chain.

Before, my understanding of the chain was more emotional. The craze of meme coins was basically driven by narrative and community influence. For example, Musk's shouting orders, or the attention of dealers and big whales, the market is hyped by these hot spots. Like the trends on TikTok, everyone follows the emotions, hypes up the heat, and the meme rises.

But now the feeling of playing on the chain is completely different. I have returned to the thinking of the last bull market, and I am more engaged in investment research. I started to study the background and development direction of the project, find the value coins on the chain, and pay attention to projects with actual value as before. Now many developers keep close contact with the community, the code is open source, and the information is transparent. If you recognize the developers and their code, capital will naturally enter the market.

In contrast, the value coins on the exchange feel that there is nothing substantial. It is still the same old routine, with no community support at all, and the white paper does not seem to solve any practical problems. Most of them just solve the problem of big guys cashing out through listing.

Therefore, I now prefer to look for opportunities on the chain and truly explore projects with potential, rather than simply following the trend.