Early bull market on-chain, the market is hesitant and cautious. Focus more on targets with actual data/playability, like DeFi during the 2020-2021 bull market or inscriptions in 2023 (driving significant on-chain adoption). Mid bull market on-chain, the market is confident and bold. Pay more attention to pure concepts, like the metaverse/NFTs in 2020-2021 or AI agents in 2024.