Lido's layoffs confirm my view from 23 years ago: Traditional institutions do not really use L2, they do not believe in ETH shared security, only believe in autonomy and controllability. L2 is essentially an exchange, and institutions will definitely build their own So, L2 who cannot be self proclaimed will be eliminated. Those who can survive are either like Base, who is a village, or able to serve the narrative of traditional institutions' "self built chains". The former goes without saying, the logic of the latter can be seen from the US bill and ENA's manipulation of cryptocurrency stocks - in this round of market trends, the native narrative of ETH is ineffective, and only those who can tell the story of "Shandong people" are valuable. This is the consensus among exchange, over-the-counter, and on exchange funds I don't comment on the operation of Succinct, but from the perspective of the higher ups, I believe it can achieve a grand slam like Tree Firstly, this is a "selling water" narrative - a ZK prover network that is not a chain itself, but rather provides computing power to "autonomous and controllable" chains like miners provide computing power to BTC. Secondly, his ZK technology is considered a "compliant privacy solution" in the White House report Although Tom Lee praises Ethereum as' never crashing ', it is the most important thing on Wall Street. But everyone knows that even Nasdaq is down, it's not a big deal. What Wall Street really values is not going in, not letting customers' "white money" and "black money" on the chain come into contact with them and cause trouble. So 'compliance' is the most important, take yourself clean and earn agency fees with ease Secondly, Succinct's Prove is a typical unlicensed access bonus disk, but the threshold for participation is quite high, which means high sunk costs and the ability to participate in early interest group concentration with project parties. This type of logic coin owner has a nominal "distribution compliance" and can avoid the overly decentralized and unrepresented situation of KAS in the past Thirdly, in terms of compliance, the most recent financing was in 24 years, exceeding six months, which meets the conditions for CB. Financing of 55 million US dollars is relatively sufficient, but now it is different from the past. It is entirely possible to use cryptocurrency and stocks to solve the narrative loophole of FIL in the past by telling the story of "institutions investing in Sucinct to build L2" and "institutions unable to buy coins and use the internet" Of course, the valuation is very high, and the second level depends on the willingness to actively market value and narrative ability. From the perspective of public opinion, airdrops may not be generous, but they do not have significant negative effects. I hope TGE will not disappoint tomorrow