Bitcoin ($BTC ) may soon pass the $70,000 mark, but its ecosystem is often criticized for underperforming. Despite this, Bitcoin innovation continues, with new concepts such as runes, fractals, and Cats20. But there are not many projects that are truly valuable, and many of them are falling in price.

The most ironic thing is that Facebook's Libra coin (FB coin), with a total of 2.1 billion coins, opened at $20 and once reached a market value of $5 billion. This seems to be an IQ tax, because in the traditional Internet industry, angel round companies are usually valued between $1 million and $5 million. In the field of cryptocurrency, the valuation of market value seems even more exaggerated, as if "the bolder the person, the more ridiculous the market value."

For ordinary startups, the starting valuation of FB coin is equivalent to 1,000 times. If the ecosystem of $BTC really starts to rise, then people may be more willing to pay for projects that are truly promising and innovative. These projects should have practical application value and be able to promote the development of the Bitcoin ecosystem, rather than relying solely on hype and high valuations to attract investors.