Blockchain changes capital flow: Blockchain enables capital to flow quickly like data, and can also fragment and expand online economic interactions. Integration of social networks and exchanges: In the future, social networks may be exchanges, and vice versa. Polymarket and PumpFun are early examples. The New World of Attention and Financialization: The combination of capital and attention has changed human behavior, and we have not fully understood its impact. 1. From newspapers to social networks: how attention can be monetized The decline of newspapers: After the rise of the "information superhighway" in 1995, newspaper revenue declined. Click era: The media no longer pursues the relevance of a story, but rather sees how much emotion it can evoke. Therefore, Elon Musk bought X (pursuing traffic) instead of The Washington Post. Attention commodification: Social networks divide and quantify attention, selling it like pastries, shaping people's thoughts at the cost of cultural and social influence. 2. Social networks are essentially exchanges From Wall Street to Silicon Valley: After the 2008 financial crisis, quantitative talents switched to social platforms such as Facebook and sold their attention to the highest bidder. Imbalance in value distribution: Creators and users receive almost no return, and the platform monopolizes value. Alternative solution?: Web3 may change the status quo by allowing value to flow faster and more fairly through blockchain. 3. Web3 Social Networks: Financialization and Incentives The power of blockchain: Funds move at data speed, and social networks can redesign business models through financialization. case The market value of AI token GOAT has reached 400 million, driven by speculation. People invest to sell to their families, not to belong to the community. MEME assets are like social networks, gathering people through capital and attention, but without long-term value, they may resemble Ponzi schemes. Farcaster and Degen: Farcaster initially developed based on core users (the founder of encryption), while Degen introduced a tipping system (10 million transactions, 784000 wallets). Creators receive rewards for their contributions, and financial incentives are separated from social interactions, blurring the boundary between attention and financialization. 4. Attention Financial Spectrum Two end examples: Attention end: Twitter、TikTok， Users exchange dopamine with time. Financial side: Reddit's Gamestop event PumpFun， Users gather for profit. Mixed mode: Social networks either stimulate emotions or provide capital to drive user engagement. 5. Future prospects The evolution of social networks: not a 'better Twitter', but an exchange that integrates speculation, ranking, and ownership.