The PVP era has come to an end, and a new cycle of value investing has just begun.

Written by: NingNing

Opportunities on the right side confirmed ✅, ready to explore new on-chain Alpha investment opportunities.

In September, we successfully identified the leading projects in chain abstraction, Safe Wallet and the intent paradigm leader, Cowswap. Both of these brother projects belong to the same parent ecosystem and have already been listed on Binance.

The logic behind choosing them included: the potential for paradigm innovation in the application layer with Ethereum's Pectra upgrade, expectations for project business data growth, and the liquidity situation of the tokens.

After Trump's election victory, the entire crypto market system environment will reset, and the logic for discovering on-chain Alpha must keep pace with the times.

First, crypto nihilism will become a thing of the past. The pure PVP IQ tax on-chain has been sufficiently paid in SOL as tuition, and it is time to cut losses and exit.

Second, the market will no longer tolerate "infra maxi." With the maturity of Raas service providers and the widespread adoption of Cosmos SDK technology, the cost of building Web3 infrastructure has become very low, marking the end of the "fat protocol" era. All applications with users and real revenue will be rebuilt using the AppChain paradigm. The distribution of industry interests and discourse power is accelerating its shift towards products and operations.

Third, compliance will become one of the main themes for the next four years. "Code is law" should no longer be an excuse for fishing teams, North Korean hackers, and scammers to commit wrongdoing. Large offshore exchanges may be required to independently separate their Bitcoin mining, venture capital, market-making, fund custody, and wealth management businesses. Compliant exchanges will gain more freedom and will rapidly grow new scenarios in conjunction with traditional finance (PayFI, RWA, STO, compliant stablecoins, compliant OTC, etc.).

Fourth, at this stage, AI Agents are merely office assistants without autonomous consciousness. We need to wait for OpenAI to redefine AI Agents in 2025. One point to watch is whether the ties between Worldcoin and OpenAI will become more public after the 180-degree turnaround in the U.S. regulatory environment, and whether Sam Altman will openly discuss Worldcoin.

Fifth, old application scenarios will experience a revival. Opensea 2.0 will reconstruct using the App Chain paradigm, and the new cycle of NFTs will return to the essence of consumer goods, appearing more in the form of Web3 game character items and digital companion dolls.

In summary, the PVP era has come to an end, and a new cycle of value investing has just begun.

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