Actually, the surge in 2021 was not that significant; the several-fold or even dozens of times increase was only concentrated in a few specific sectors, mainly in new public chains, games, the metaverse, and MEME. At that time, DEFI was just a brief craze that ended quickly. In the second half of the year, DEFI played dead. Of course, this does not mean that there were no opportunities to make money in DeFi; it's just that the major profit opportunities were in public chains, games, the metaverse, and memes.

At the beginning of 2023, the major profit opportunities were in public chains, AI, and MEME, with PEPE emerging at that time. Meanwhile, the hype around the metaverse and games has gradually cooled down. However, this does not mean there are no opportunities for profit.

From the end of 2023 to the beginning of this year, the major profit opportunities were in AI, public chains, and MEME. Remember wif, bonk, etc.? They were created during that time. DEFI had its moment with Pendle experiencing a significant surge, while others performed fairly average. By this time, the metaverse was already in the past, and games only experienced a slight increase.

Currently, we are experiencing this wave. I don't need to say much about it. So, if we expect a significant market in Q1 next year, the major surges, without liquidity injections, will still be in new and old public chains, AI, and MEME.

Of course, there are also new conceptual sectors, such as RWA, Depin, etc., like AI + meme, AI + Depin, and so on. As for others, there are still opportunities for profit. That's about it.