At this stage, projects that don’t do buybacks, don’t burn tokens, and don’t delay team unlocks, I basically won’t pay much attention to them. Because in today’s market, just telling a story isn’t enough anymore. So when I saw 0G’s announcement today, my first reaction wasn’t to look at ComFi, but instead to check out another piece of news: The team + early investors’ 44% token unlock has been postponed by one year. —————————————————————— Total supply unchanged → Linear monthly release → 24 months → Entire schedule pushed back by one year This means, the 44% additional supply that was supposed to hit the market next month won’t be an issue for now. Short-term new circulating tokens and potential sell pressure are naturally reduced significantly. —————————————————————— On the other hand, 0G has launched Compute Finance (ComFi), an attempt to connect digital assets with AI computing power usage rights. Currently, Ascend is live: 0G → Stake → a0G → Mint iAI → Stake iAI → Compute Credits → Use AI Here’s the breakdown: · a0G = The only asset currently capable of minting iAI · iAI = Scheduled to launch on September 29 Compute Credits can later be used for: · 0G Private Computer / 0G App · Private Computer currently offers 100+ models. So when I look at 0G now, it’s mainly about two aspects: Supply side: 44% team + early investor tokens postponed. Demand side: Whether ComFi can truly drive AI usage demand. After all, the one thing Crypto doesn’t lack is narratives. What I care more about is whether we’ll eventually see: Real users → Compute consumption → Protocol revenue → zero-gravity:native value capture Narratives determine if people pay attention, capital determines if there’s market action, industry positioning determines how far it can go, but in the end, it all comes back to real demand. —————————————————————— As for the new cycle, I think the projects truly worth adding to the watchlist will become fewer and fewer. RWA, DeFi, Perps, AI (Privacy)— these might be the key themes to focus on moving forward. But within these themes, it ultimately comes down to: Who has the narrative, who has the capital, who has the positioning, and who can actually deliver on demand (and drive the market).