Recently, I read an article from BlockBeats titled "Why Did Base's 'Content Token Fundamentals' Cause Such a Big Reaction from Solana?" (For detailed content, see the link at the end of the article).

It mentioned several ongoing ecosystems in the crypto space and their current development status. The main purpose of the article is to discuss content tokens, but I am interested not only in the content tokens it focuses on but also in other ecosystems it involves.

Today, I would like to share a few thoughts after reading this article.

The article mainly discusses the content ecosystem represented by ZORA and its current development status.

I had been following this ecosystem since last year.

At that time, I was interested in this ecosystem for two main reasons:

First, many NFT projects on ZORA were launching, and most of these projects were created for airdrops and profit-seeking. Whenever I had some free time, I would go and mint a few NFTs. Over time, I gradually learned more about it.

Second, this ecosystem was closely related to Farcaster at that time. To further understand this ecosystem, I also registered a Farcaster account and experienced various content tokens.

However, after some time of experience, my feelings were quite average:

First, I felt that the vast majority of NFTs had no permanence and lacked significant influence.

Second, I found the Farcaster ecosystem to be too niche; even if the content was good, it was hard to break out of its small circle.

I believe that for an ecosystem that is content-value-oriented and hopes to generate value through content to break out, there are only two paths: either the content becomes a benchmark scarce luxury, which, despite not breaking out and having a small audience, has a large influence; or it becomes content that the general public can consume and is willing to consume, which requires a broad breakout.

At that time, none of the projects possessed these two characteristics.

So, I basically stopped paying attention to it and rarely mentioned it in articles.

Interestingly, it seems that the Coinbase team has a particular fondness for this track. Even when the AI + Crypto track was clearly rising in their home base, BASE, the Coinbase team's attention to AI + Crypto was far less than their focus on the content track.

It seems that the only area of high concern for the Coinbase team in this market cycle is the social content track.

I still find this hard to understand.

Despite ZORA's recent surge, I still cannot comprehend where the sustainability of this track lies.

Besides this track, the article also mentioned the meme coins that have emerged in the current Solana ecosystem. I won't elaborate on this track here; it's not that I deny it, but I have long been aesthetically fatigued by it.

The article also pointed out another noteworthy piece of data: the current state of stock trading on-chain.

The original text states:

"The concept of on-chain US stocks only sparked discussions in the first few days of issuance, but the actual number of participants is very few. In the past week, the total number of addresses participating in all on-chain US stocks was just over a thousand. The total trading volume accumulated in nearly a month is only about 75 million USD."

Over a thousand addresses accumulated a trading volume of less than 80 million USD in a month.

What does this mean?

It is even less than the trading volume of the ZORA token in the past 24 hours, to be precise, it is less than half of that trading volume.

Regarding on-chain stock trading, I have always maintained a relatively indifferent attitude, but I certainly hope it does well. Because from a profit perspective, the more on-chain stock trading there is, the more it will benefit Ethereum, and in the long run, it will also benefit Ethereum's price.

But I worry that the reasons for my indifference may eventually become a reality, undermining a potentially favorable factor.

Seeing the data on on-chain stock trading, I feel we should think more about whether the so-called trigger points for RWA are what many people originally envisioned. Is it possible that there are tracks, scenarios, and models that we have not even considered?

After reading the entire article, my biggest takeaway is that the crypto ecosystem still faces a daunting task in finding application landing, value generation, cash flow, and net profit; the road ahead remains filled with uncertainty and unknowns.

Reference link:

https://x.com/blockbeatsasia/status/1950860102271180876?s=46

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