The SOL system is beta, but it is definitely not alpha. In the future, you will feel the psychological torture of holding the ETH system.

The first thing I do when looking at crypto projects is to find three "baselines", narrative ceiling, fundamentals, and price. The second thing is to evaluate the difference between these three lines, which includes cost performance and value difference.

Many people have forgotten that the huge returns of the SOL ecosystem originated from FUD, with cost performance and value difference, and are now surrounded by extreme positive consensus.

It may be in the middle and later stages of the CD segment, that is, the price is separated from the fundamentals and the narrative ceiling is gradually being falsified and questioned by the market. At the same time, SOL is also following the narrative of re/stake, and the process of active liquidity turning to inactive liquidity is the silence of funds on the chain.

Of course, to repeat the beginning, beta does not mean a short-term valuation reshaping, but is suitable for investors who pursue certainty.