⚡️Haotian's five questions @tmel0211 are something everyone should think about carefully!

As a long-term trader, the logic you choose to believe will shape you.

1⃣ Is ETH really worth holding long-term?

You may not be obsessed with ETH, but you must acknowledge three things:

All on-chain innovations still flow towards ETH;

The connection and settlement of RWA essentially require a trustworthy chain-level settlement layer;

As long as on-chain activities continue to grow, ETH constitutes a systemic holding.

So this question should be reframed—

If you plan to participate in the on-chain economy, you will ultimately hold ETH long-term in some form, which is unavoidable in the short term.

2⃣ Are altcoins worth nothing?

This question is actually quite ridiculous:

If altcoins are truly worth nothing, why has the altcoin market remained resilient for so long?

If altcoins are not worth nothing, why do nine out of ten people lose money?

The answer is simple—

The value of altcoins is not zero, but retail investors' expectations often far exceed the survival structure that altcoins can support; their cycles are harsher than most people imagine.

Therefore, my attitude towards altcoins has never been one of denial, but rather of layered usage:

Use them for emotional cycles and short-term speculation, then convert profits back to mainstream assets; only a very few top-tier altcoins would be considered for longer holding.

3⃣ Why hasn’t DeFi/NFT seen another surge?

Many people think it’s due to a lack of innovation, but I don’t think that’s entirely the case.

In the past two years, the evolution of on-chain infrastructure has been rapid: modularization, re-staking, RWA, chain abstraction, yield-bearing stablecoins… each of these could have sparked a major market in the previous cycle.

The problem lies not in supply, but in demand:

User behavior hasn’t undergone a qualitative change, and the PMF (product-market fit) on the application side hasn’t truly emerged.

Essentially, it’s a combination that can’t replicate the narrative + lowered user thresholds + liquidity explosion that occurred in 2020.

4⃣ What is BN's contribution?

I must say, BN has indeed made a contribution this round, and it’s a significant one.

Do you know how many newcomers entered Web3 for the first time because of Alpha?

Do you know how many newcomers first understood what on-chain structure means because of Alpha?

Do you know how many small projects that previously had no chance of being listed were seen thanks to BN's traffic?

This scale of traffic siphoning is not something an ordinary platform can achieve.

But dialectically speaking: the positive externality that Haotian mentioned may indeed exist.

When a platform is too strong, its main narrative naturally compresses the innovation space of other chains—but this is not BN's fault; it’s a necessary lesson for all platform companies in their growth:

How to find a balance between making money and benefiting the industry?

I think this should be a paradox of the strong!

BN has performed very well. As for building an industry-level consensus engine, I believe it’s just a matter of time.

5⃣ Can corporate organizations replace decentralization?

The biggest change this round is that efficiency is being treated as innovation itself for the first time.

Corporate structure: efficiency, resources, execution power

Decentralized structure: exploration, openness, trial-and-error space

The two are not enemies, but rather two evolutionary directions.

Purely commercial organizations can easily grow into giants but lack openness;

Purely research communities have soul but struggle to scale.

The truly promising projects that will become the infrastructure of the industry in the future will definitely be a hybrid of corporate efficiency and decentralized spirit, giving birth to the next generation of Uniswap and Pendle.

This is the path the industry will inevitably take.

🎯 Final thoughts—

These questions may seem to be about the industry, but they can actually be reduced to personal issues:

What kind of asset structure are you willing to hold?

Are your psychological expectations for altcoins realistic?

Can you distinguish between "price rising first" and "a true bull market" as not being the same thing?

What is your purpose for joining this industry?

Can you differentiate the essential difference between "platform profitability" and "industry prosperity"?

When you clarify these questions, market fluctuations won’t sway you, and you won’t be led astray by narratives.

I have always believed in one thing:

True freedom does not come from the market, but from knowing why you are present.

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