Dear friends, carefully observe this round of market conditions. Have you noticed a strange sense of calm? That former madness—where just buying a random coin could lead to tenfold riches—seems truly gone for good. Some may feel regretful about this, but I see it differently. On the contrary, this calm is a sign that the market is maturing.

The truth behind it is simple: capital is quietly flowing to where it should go. The tens of thousands of useless meme coins, air tokens, and hype-driven copycats once drew a lot of attention and capital. Now, as this blind upward wave recedes, we can finally see clearly who is swimming naked and who has already prepared in advance.

Imagine, when the bubble no longer inflates, what is truly needed? The answer is straightforward: infrastructure that solves core industry problems and provides irreplaceable value. Safe, efficient, trustworthy—these words may sound vague, but in the on-chain world, each one relates to asset security. For example, a foundational protocol that ensures all transactions are based on real data, like some oracle projects currently being built, is the real moat.

In the past, the bull market routines were very fixed: sector rotation, various coins taking turns rising, participants following the trend. But this time, it’s obviously different. Why? Because everyone has been thoroughly educated. Projects that pull the rug, contract vulnerabilities, and flash crashes caused by oracle attacks—one incident is enough. History has long told us that only after experiencing a major downturn do people truly understand what risk means.

To sum up: the end of the copycat frenzy is actually the best coming-of-age ceremony for value investing. Real money is no longer blindly thrown around but flows into projects that offer practical solutions. It may not be as exciting, but from a ten-year perspective, this is the right path to making money.