Where are the opportunities to make money next? deep thinking Lack of narrative and insufficient innovation drive In the previous cycle, Defi/NFT/MEME/blockchain games/metaverse/L1/storage/various to Earn, the narrative was very compact and rich. Through the wealth effect, one can feel that this is the bull market cycle that should exist. In this cycle, the thickness of the narrative is far less than in the previous cycle. The market is either a new bottle of old wine or various stitching monsters, which can stimulate the market to move forward and provide valuable directions for retail investors I believe that innovation is the continuation of productivity, and the development of the encryption industry is essentially a spiral upward process of productivity driven by innovation. Breaking technological bottlenecks, optimizing efficiency, and creating new value are the three guiding principles for the development of the cryptocurrency industry. What exactly is the productivity of our industry? Is it the continuous development of new asset issuance methods? Or is it a traffic moat created by CEX? Or tokenization projects that leverage blockchain technology one by one? In fact, all of the above are considered, but the core lies in the decentralized value creation capability driven by technology, and the emergence of smart contracts is a manifestation of the productivity improvement in the cryptocurrency industry. It cannot be said that just because basic science like Ethereum does not advance, the cryptocurrency industry is doomed Applied science can also push the value boundaries of the cryptocurrency industry, such as Defi, RWA, and AI, which are new paths explored by applications. But as the market has developed to this point, I personally can clearly feel that the most prominent narratives in this cycle, represented by RWA and AI, are weakening in terms of hype and intensity For example, in the AI field, projects from WLD to GOAT, AI16Z, swaps, and other narrative development lines are clearly lacking in opportunities. Everything has two sides, and regulation and institutions are indeed one of the factors that curb innovation, but the cryptocurrency industry has its biggest characteristic, which is also the benefit of a decentralized system. That is the consensus of individual investors, which is an absolute force in the cryptocurrency industry that cannot be stopped by any national institution or individual. For example, Jin'an stopped going to RED, the GALA event of Huobi, etc Remember, it's not which platform chose us, but which platform we chose. I have always believed that the biggest value created by Satoshi Nakamoto is not Bitcoin, but the consensus among retail investors This is a bottom-up force that can overturn everything in the cryptocurrency industry. The wizard @ 0xcryptowizard also mentioned that I agree with the bottom-up opportunities. From the perspective of wealth effect and creativity, bottom-up movements are both the result of maximizing consensus among individual investors and big opportunities. Next, focus on the development of basic "encryption" and application "encryption", two main opportunities. No matter what terms are introduced, don't look at who has background/resources, look at who has creativity/who inspires consensus among retail investors, all value oriented.