There were two logics for speculating on altcoins in the past:

1. The expected value of current business growth is realized.

2. The expected value of future potential market value is realized.

The old DeFi is the first logic!

In the last bull market, the growth trend after they just went online was realized, and the value expectation of business growth at that time was realized, and their life mission was completed in advance.

In the end, the value will be slowly diluted in the ocean of homogeneity.

Speculating on public chains is the second logic!

All public chains will have a wave of high multiples after landing in the secondary market and going sideways, but most of them are still unsustainable. Refer to the last round of Avax, NEAR, FTM, MINA, etc.

The probability of being able to hit it, like SOL, is too small. Most of them are fully realized after a wave of pull-ups. Sustainable value growth depends on the development of its ecology and business data.

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