There are several huge differences between this bull market and the previous one:

First, there are more high-quality projects.

Many projects have the possibility of long-term perspective. They either solve some important problems or have some major innovations, and their technical architecture can also accommodate a lot of traffic.

Typical ones include expansion solutions such as ARB OP, high-speed solutions such as SEI, APT, SOL, and WLD, which are all projects that have great potential once they are successful.

However, most of these projects are invested by mature VCs, and the project parties, VCs, and resources are also very good, which leads to the second huge difference.

Second, there are more high FDV projects.

It has become the norm that the project is very good, but the circulating market value is also very large. For example, WLD is an absolutely good project. Not to mention the narrative, the founder, etc., in his conception, creating a unique identity for 1 billion people, once it is successful, it will become the underlying infrastructure of AI - in the future, AI will become stronger and stronger, how to identify real people and AI, how to verify identity, it has the opportunity to become the underlying infrastructure of various AI projects and Internet companies.

However, what is interesting is that when the project has not yet succeeded, the FDV at its peak was as high as 80 billion, close to the market value of OPENAI, which is obviously unreasonable - but with high control and extremely low unlocking - the circulation speed after unlocking can still be controlled, how much it will rise is decided by the project party and the market maker.

And it is not just this project, almost all the big projects you see are like this.