What to play in the next round of the cryptocurrency circle and what opportunities are available for retail investors I've been thinking about this question lately, and now I can see two obvious trends One is the continued integration of Crypto and traditional finance, where everything can be tokenized on chain (RWA), with the largest category being the US stock market. ICE's investments in OKX, NASDAQ, and Kraken are all in this direction. The equity tokenization of Pre IPO company has seen rapid demand growth, and Jarsy and Tessera, whom I am familiar with, are both making efforts in this field. The second is stablecoin payments, especially in the direction of Agenetic Payments, which is the focus and the main battlefield for issuers such as Stripe (Tempo), Circle (Arc), Tether (Plasma), and new public chains to compete. Other new public chains such as Monad are also gaining momentum, with the ecosystem recently issuing a Euro stablecoin. But in both directions, the participation of retail investors is very limited, and there are not many alpha opportunities left -To give retail investors a strong sense of participation, it is necessary to have new and native assets on the chain -Meme coin, as a native asset in the cryptocurrency industry, will definitely make a comeback. But it may not be a project from the previous cycle, only a few classic memes such as Doge and Pepe can cross the cycle -Combining new technologies and narratives, new projects that gather funds will emerge and require continuous attention There are also infrastructure projects in various directions that can make money continuously through cycles, but their coins may not necessarily be worth buying. What other directions are worth looking forward to?