Good luck with the start of work! Let me share some recent market points that are quite astonishing, as well as several views on future trends:

1) The emergence of the $TRUMP coin has indeed brought a lot of "increment" to the crypto space, attracting many new users through platforms like Xiaohongshu. However, the wealth effect of the U.S. President MEME coin has not had enough time to be digested and sustained. Even though some incremental users and funds have arrived, they may not have been converted into on-chain "new users" before the crypto dream was shattered and they were ruthlessly discouraged.

However, the TRUMP team has acted like a mirror, shattering the long-standing balance of the crypto ecosystem characterized by "technology, narrative, building, issuing coins, and empowering," revealing the overly gambling nature at the core of the crypto space.

Yet, with the same gambling cards, CEX may already be beyond saving. After all, self-interested parties like VCs and exchanges that guard key ecological positions will become the biggest obstacles for retail investors to profit. In contrast, DEX naturally does not have these barriers. Once the TRUMP liquidity bloodbath ends, a brand new on-chain prosperous market will be restarted.

Focusing on on-chain will be the main theme of 2025, regardless of bull or bear markets.

2) DeepSeek's breakthrough in pricing the computing cost of AI large models is clearly a significant boon for the AI Agent sector from a technical background. Unfortunately, its suppression of the bubble in U.S. stocks like Nvidia has led to a "misjudgment" for web3 AI Agent assets.

Essentially, this reflects the "rational" decline of the narrative bubble surrounding AI Agent asset issuance. The market's continuous price decline has revealed a truth: although AI Agents have evolved through various narratives such as framework standards, individual AIs, chain integration, DeFi, and Metaverse, issues like immature project technology, conspiratorial groups taking center stage, and a lack of value support in asset valuation systems have all been exposed.

Currently, AI Agents are on the eve of summer's arrival, needing a thorough reshuffle to reconstruct everything.

But fortunately, with demise comes rebirth.

3) The market suddenly turned "bear" amidst an absolute bull market sentiment, with a crypto-friendly government, a spark of on-chain spring, and a plethora of products, protocols, and MEMEs. The fundamentals seem to paint a picture of an approaching crypto boom, yet unexpectedly, it has turned bearish? While it’s too early to conclude, the damaged sentiment and asset losses will take time to repair.

The core logic is simple: there are too many asset targets in the crypto market, and the market lacks sufficient incremental users and funds. Relying on attention and FOMO emotions cannot drive a widespread increase in old assets. In other words, everyone has the desire for industry growth accompanied by PVE, but unfortunately, to survive, they can only engage in endless PVP.

If the industry is destined to suffer a calamity under the guise of excessive gambling, then the new narrative of AI Agents is like Nezha saying, "My fate is in my hands, not in heaven," breaking through all of this.

AI Agents can breathe new life into old narratives, invigorate on-chain DEX, and bring about a new PMF cycle focused on products and applications… Even in the short term, while AI Agents have given me a void, it does not diminish my infinite aspirations for them.

Because they can accelerate the integration of the AI and Crypto worlds, making everything better.

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