Regardless of whether you have been in the industry for these past few years, you may have overlooked one point: cryptocurrencies are actually becoming a consumer product. It creates a new medium that allows people to consume in an age of fragmented attention and dopamine economy, while its value is, to some extent, fleeting. This article is derived from a piece by Matti at Zee Prime Capital, organized and translated by PANews. (Background: Arthur Hayes: Stay rational during the bull market and cash out in time, Bitcoin is expected to reach $250,000 by the end of next year) (Additional background: Four strategies to avoid falling into FOMO, teaching you to stay focused on trading during a bull market) Regardless of whether you are a veteran who has experienced several cycles or a newcomer to the circle, when faced with the Web3 industry that is almost constantly filled with hotspots or 'get-rich-quick opportunities' after Trump's victory, you must feel somewhat bewildered. One moment it's various animal-themed Memecoins sparked by big names like Musk and Vitalik, and the next it's the thousand-fold myths created by various AI agents. Of course, there is also a constant stream of positive information, such as funds continuously flowing into American Bitcoin spot ETFs; major publicly traded companies led by MicroStrategy continuously or beginning to create their own 'Bitcoin strategic reserves'; and proactive regulatory signals, like Trump's team considering establishing the first cryptocurrency policy-related position in the White House. All of this exudes the atmosphere of a bull market, and Bitcoin is also heading towards the $100,000 USDT milestone. However, what lies beneath the surface of the bull market? Matti from Zee Prime Capital pointed out the 'undercurrents' in the current industry, namely that 'the most entertaining outcome is the most likely to occur,' and that 'opportunism is the strongest heresy in cryptocurrency.' The following is the full translation. If you left the cryptocurrency industry in 2022, or if you didn't really leave but were attracted by various superficial narratives, speculating on Memecoins and chasing the generational wealth they might bring, occasionally reading some industry articles, then you should want to know what has actually happened beneath the surface. Or rather, what did you miss? In this era, two phenomena seem to overshadow the world. Musk's Razor: The most entertaining outcome is the most likely to occur (Note: Occam's Razor suggests that when solving problems, one should prioritize the simplest and most direct explanations or solutions). What was once entertaining has become serious, and what was once serious has become entertaining. The first point is obvious. From the standards of 2016, having Musk manage a U.S. department named 'DOGE' (Department of Government Efficiency) would have been unthinkable. But now, eight years have passed, and nothing is impossible. As for the second point, it is actually a manifestation of the first. The U.S. election has become the true season finale of a reality show called (America). Politics has turned into entertainment, war casualties are broadcast live, movie plots are used to convey agendas, and posts on social media can also lead to lawsuits. One small symptom of 'what was once serious has become entertaining' is money. To be precise, it's Memecoins. They are referred to as magical internet currencies, Funnymoney, instant online meme lottery tickets. Not everyone can become a meme and profit from it, but anyone can get infinitely closer to that goal by rushing into Memecoins. Clearly, sovereign nations will establish Bitcoin reserves at a large scale (following a group of innovators like El Salvador and Bhutan) and will not hastily sell off like Germany did in August, leaving the public bewildered. Looking back, people clearly should not expect a country that decides to continue shutting down nuclear power plants while engaging in proxy wars with its former largest energy supplier to make economically rational decisions. Meanwhile, Michael Saylor is working to eliminate the root causes of all bubbles, trying to get Wall Street to defeat sovereign nations in this competition. However, these are all (Financial Times)-style news that readers do not truly care about. What is surging beneath the surface? What has been brewing for a long time and has pried the wheels of the apparent bull market? If you don't know who the user is - you are the user. For insiders, cryptocurrencies have become a lifestyle. Admitting this is terrifying, but it is an undeniable fact. This lifestyle is the sum of consuming various high-quality products from cryptocurrency brands, a way of life that involves repeatedly transferring funds, losing money, yet still hoping to 'retire in glory' without much effort. To put it in Mable's words (perhaps not so directly), it's: 'This is a lifestyle where only the 'present' and 'now' matter the most, as the impact of anyone or anything almost instantaneously reflects on what we are experiencing. The concept of the final outcome is almost outdated, as the world has truly become an infinite game.' As the cycle shifts from 'seasons' to 'weeks,' the development of the cryptocurrency industry has become increasingly rapid. The so-called 'alt season' has now become 'alt week.' The narrative rotation is faster than ever, and there are more distractions to choose from. The cryptocurrency industry has truly entered Kevin Kelly's protopia world, where 'today's problems are caused by yesterday's technological successes, and the technological solutions to today's problems will create tomorrow's problems.' Cryptocurrencies are in a state of endless development. The gradual improvements that once took place over a long time can no longer be seen, but now, just a little push, a small amount of liquidity, and expectations of political leanings can transform this total into a financial frenzy. Everything in cryptocurrency serves as currency. It is currency, the super-financialization of attention. And everyone is a user, even if they are not aware of it. Living in a state of development, you may not even realize you are living in it because you are forced to upgrade every day. Even if you don't consider yourself a novice, every day you are a novice. 'The momentum of technological development drives us to chase the latest technology, and the latest technology always disappears when the next update appears, so satisfaction continuously slips through our hands.' In 2017, on-chain trading through order books (shoutout to Ethredelta) was a bad experience, and AMM was considered inefficient. In 2018, the problem was that no one wanted the tokens. By 2020, the market realized they could swap tokens on Uniswap without permission and earn rewards while providing liquidity. Cryptocurrencies have entered a state of endless development. The trend is positive, but it would be better to give it a 'ticker.' What I know is that every time is different, but also not so much. The difference lies in that every nuance of frenzy exceeds most people's imagination and expectations. We cannot predict where it will lead us, especially considering the many ecosystems and applications developing in various directions. My most optimistic guess is that the speed of change will accelerate, certain waves will return again, and path independence will become the most valuable resource for navigating such an environment. The so-called L1 or L2 ecosystems will become less important, as trends become application/use case-driven. Among all current use cases, I am most interested in the topics of 'agents' and 'DeSci' because they complement the existing industries of DeFi and Memecoins. The synergy can...

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