VC teachers really have such high-level knowledge. I mentioned that retail investors should try playing the role of market makers, and a lot of people came to criticize me. But Yetta just casually said one phrase: 'production side.' Classy! Essentially, whether we’re doing @Hertzflow_xyz, running an exchange, or anything else, it’s all about figuring out how to take something intangible (any tradable asset is intangible, don’t argue about 'value') and work on pricing, liquidity, trading profits, LP profits—basically getting the wheel to turn. From the perspective of the production side, issuers, pricing mechanisms, and liquidity providers are the production side—they need to make money. Traders are often the consumption side, and consumers have to pay. The tricky part is that you can’t make all 'consumers' pay; you need to let some people make money, while most people pay small amounts each time but keep paying over time. First, it’s a balancing act: some people must win, but you also need to ensure the majority doesn’t pay too much at once. Second, it’s about managing expectations. If you make people think they’re buying Hermès, they’ll be willing to pay big money, even if the bag they get isn’t much better than one made in Dongguan Tangxia. But if you make them think they’re buying Xtep, then it’s small amounts paid repeatedly. However, if you make them feel like they’re paying Hermès prices for Xtep… That’s what we call 'cutting leeks' (ripping people off).