I'll be in Hong Kong from the 9th to the 14th. In a bull market, trade is plentiful; in a bear market, build is plentiful.

The market eventually discovered that on-chain PERP's success was due to hype, not the PERP narrative itself. A truly talented team is destined to dominate any field, while those who merely ride the wave of narrative hype will eventually fade into obscurity once the tide recedes.

2026 will be the year of robotics.

It's time to step out of the cryptocurrency space and explore new paradigms.

There's something I've realized: When major exchanges launched futures-spot arbitrage bots, the era of consistently high-yield futures-spot arbitrage ended. When Binance launched bot-based grid trading, the golden age of grid trading ended. When Binance launched its rolling position bot, the era of getting rich quick through rolling positions ended.

I organized some photos on the plane. The first photo is from three years ago, when @kylopeung was teaching us about PERP and DEX at the Vanke 108 in Beijing. One generation fades into the next; DEX, GNS, and GMX have all disappeared, now it's Hype, Aster, and Lighter. I wonder if a new PERP will emerge in three years.

🤡

Judging from Binance's frequent listing of RWA assets, the consensus among retail investors and exchanges is that, apart from BTC, there are no other valuable assets in the crypto market. Now, retail investors not only don't buy altcoins, but after the crashes caused by MYX and MMT, they're even unwilling to short altcoins anymore. The value of altcoins is truly zero.

Zama's IPO is out, the offering price is 0.05, the pre-market price is 0.0502. Sometimes I wonder what everyone is risking their lives for, walking on thin ice, working so diligently. @connectfarm1 helped you avoid the pitfalls.

$river has nearly 10 billion Facebook views, while its owner, @ilmondox, has fewer than 1,000 followers. Sometimes, late at night, vanity gets the better of me, and I struggle internally, agonizing over not being able to write a viral article with millions of views. But then I also make peace with myself. Making money sometimes really has nothing to do with your Twitter influence.