Since the BTC ETF was approved in January 2024, the investment in cryptocurrencies by Wall Street and various sovereign funds is a microcosm of the entire history of cryptocurrency development: -In the first stage, everyone is rushing to buy the absolute leader: BTC -In the second stage, the leading players have already grabbed almost everything, and everyone is starting to feel that it's a bit expensive, so they are rushing to buy Dragon 2: ETH -In the third stage, we need to start telling stories and have application scenarios to demonstrate the 'value' Currently, stablecoins are the best application scenario, as they replace traditional cross-border payments with high efficiency and low cost. Next, there are various scenarios such as RWA. As long as there is an application, ETH can prosper again and burn gas, creating a deflationary double helix.