Author: Pima, ContinueCapital Co-founder

Note: This article represents the personal views of the original author and is for learning and communication purposes only, not investment advice.

After each major decline, it marks the end of the old and the beginning of the new. It is also the start of another group of projects "the young are all talented" opening up. What we need to do is to take investment seriously and be very careful in our selection.

In fact, the rhythm is the same every time, just with different protagonists: some projects basically ended the bull market journey before May 19, 2021, and spent a lot of time struggling to return to near the previous high, such as DeFi represented by UNI/DOGE/BNB/DOT/MATIC, etc.

Some projects, after May 19, 2021, are still as strong as ever, experiencing a significant wave, achieving a 5-10X increase from the previous high until December 2021, such as SOL/LUNA/SHIB/AXS/SAND, etc.

So, what are we observing after this major decline from a personal perspective?

1/ SOL and its ecosystem, there's not much more to say, you can never wake up those who pretend to be asleep.

2/ SAGA and its ecosystem, modular L1, with its own ecosystem advantages, but still facing challenges in attracting users. It remains to be seen when the critical point will be reached.

3/ SUI and its ecosystem, the technology is unquestionable, MOVE and other L1s, facing severe difficulties in attracting users, with a long-term DAU of 20,000-50,000, the gap in user attraction compared to SOL/BNB, with DAU of 1 million, is getting wider and wider. New things and new brands are far less attractive to ordinary users than expected.

Don't live on Twitter, live on the project's fundamentals. Sometimes you may feel very hot and fiery, but it may just be a hot topic in your group/village. Check the on-chain data, and you'll find that only a few thousand people are playing globally, just playing house.

4/ Clob order book. The mission of AMM has been completed, high-capacity L1 needs better adaptive DEX, and the competition is fierce. UNI's V5 also seems to have an order book; which one will emerge among Drift/Hyperliquid/RabbitX, etc.? Does the dual-token Purr have a chance?

5/ How will SocialFi evolve? What kind of native encrypted experience will $Friend/Fantasy/DistrictOne bring? How to expand the scale and retention is something that SocialFi needs to further explore.

6/ Will new AI projects have opportunities? When will they generate positive revenue? We have seen the strictness and pickiness of the performance of AI companies in the US stock market, and it will also give great rewards to real performance. The cryptocurrency AI will also have revenue, the question is how to expand the scale and establish a moat.

7/ RWA is indeed one of the PMF paths, and how to select it is something I haven't quite figured out yet, and it requires collective wisdom $MKR$RIO.

8/ MEME, you think the MEME you bought has been rising all the way, but it's actually very rocky. What you see is only the result, ignoring the torment of the holding process (the torturous STAN/MONK/GIGA). It's interesting to see the process of the cat king competition recently, the dispute between the community cat representatives POPCAT/MICHI and the VC cats. Currently, it seems that the pure community MEME has won, and the anti-VC wind has blown to MEME.

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