Is the current market all about going on-chain or focusing on secondary markets? Seems like there are plenty of opportunities everywhere—what should we do? From my perspective, if we’re not talking about those with massive assets who just want to sit back and chill, I think on-chain and secondary markets are actually interconnected. With U.S. regulations opening the door to crypto innovation, the primary wave of innovation will definitely start on-chain, and some early alpha opportunities will also emerge there. Understanding how and when these innovations happen is especially crucial for navigating the secondary market trends. For example, through Robinhood’s stock meme movement, you’d know to catch UNI, and with the “innovation exemption,” you can participate more actively on-chain and seize opportunities like ONDO. At the same time, some hot secondary market assets will also originate from on-chain, like Mars Coin, Niu Lai, and so on. If you only stick to one side, it feels like you’re missing a more comprehensive perspective on what’s happening in the industry. Participation can vary in depth, but being actively involved makes it easier to stay ahead.