Recap's several points for next year: 1. Predicting a market explosion... everyone is betting. 2. Monad has cooled down but is not dead yet. The team's current expectation is that it will be 27 years... After the ICO makes a profit, I am not so pessimistic. I cannot die, but it is difficult for them to have independent market trends even if the overall market situation is not good. 3. The relatively new gameplay of the economic model only sees the dual track of River, and instead returns to the simplest ICO model. 4. The on chain revenue from June to October was quite exaggerated, and after 1011, it cooled by 80%. RWA began to show a trend of rising, but it is still uncertain. Not optimistic inside: Market makers turned to manipulating the VC market, lowering the threshold for listing on the exchange. In the massive VC coin inventory clearing event, the repeated creation of wheels was completely cooled down, and AI was completely cooled down. After the liquidity left, counterfeit coins had no narrative and became a game of gambling size. The corresponding on-site shell prices have also reached the lowest point in history The unexpected point is the rise of Perp Dex, which I thought about for a long time, but later found that following the logic of the masses is the best logic; I thought the leverage would be high, but I didn't expect 1011 to appear. I directly killed all the project parties and medium-term speculators of spot altcoins; And I didn't expect the narrative to dissipate so quickly in this downward cycle, and the project team couldn't grasp the fact that Momentum would cool down in at most two weeks. The market has reached the most boring place: When everyone is using the value of watching, there is no premium brought by storytelling. Many Founders are rethinking the meaning of issuing coins. 3. Most mainstream altcoins are just elastic targets of BTC.