First Principles Perspective on ETH: 1. BTC and ETH have a complementary relationship—one is digital gold, the other is the world ledger; one is transcendent, the other is grounded, together shaping the crypto future. 2. Compared to other L1s, ETH's core advantage lies in its largest-scale credible neutrality. 3. Stablecoins are the true killer app of cryptocurrency, enabling universal connectivity and value transfer. 4. ETH, as a yield-bearing asset, will be adopted by more and more companies as part of their treasury. Currently, it's just in the budding stage.