Source: Daoshuo Blockchain

A reader wrote in the comment area at the end of the article:

"I don't know what else is worth investing in now..."

I don't think this is a bad thing. If it were me, I would not buy anything when I was confused and hesitant, watch more and move less, and wait until I figured out my mind before starting--I have never bought any other coins except Ethereum during this period.

In fact, it shouldn’t be too many projects that are purely for fun and game purposes.

This should be true in any investment market.

In this regard, the senior investment masters have set a good example for us:

Among the thousands of listed U.S. stock companies, Mr. Buffett holds only more than a dozen shares. There are very few stocks that have heavy holdings.

After sorting out the ideas during this period, I have roughly divided the tokens in the current crypto ecosystem into the following categories:

The first category is the collection of crypto ecosystem.

The most typical of this type of token are Bitcoin, crypto punk, and some on-chain artworks (NFTs).

For this type of assets, I firmly believe that the future of the crypto ecosystem will prosper, and this prosperity will definitely lead to the spillover of value to some very collectible categories.

Therefore, I will choose a valuable variety to buy at the right price.

The second category is tokens with commodity value or usage value.

This type of token is the most typical of a layer of blockchain (L1). Tokens are an integral part of the project and are the driving force for project operations.

For this type of asset, I believe that the future of the crypto ecosystem will prosper, and the tokens that can support the development of the ecosystem will surely have hope in the future.

Therefore, I will also choose valuable ones to buy at the right price.

The third category is governance tokens that account for a huge proportion in the market and only have voting functions.

In the future, no matter how good the projects, how good the team, or how rich the profits are for this type of token, I will be very cautious if I ask me to spend money to buy them with real money. I will only take advantage of the time and energy to get some airdrops.

The fourth category is tokens with relatively vague positioning and unclear attributes.

For these tokens, the project party’s description of them is very ambiguous, that is, they do not clarify their usage functions or their equity attributes. At most, they will use the project’s profits to repurchase them in some cases to indicate that the project party’s “value” of the tokens to some extent.

I will observe this type of token and start carefully before their functions and attributes are clear.

Another category is real equity tokens.

These tokens are actually like stocks. If someone buys all the tokens of this project, it is equivalent to owning all the rights and interests of the project, being able to reorganize the management team completely according to their own will, and being able to take away all the profits of the project as you wish.

This type of token does not seem to exist in the crypto ecosystem at present. If it appears in the future, I will pay attention.

If you use this method to examine the tokens in the ecosystem, I think it is clearer how to participate: that is, more than 95% of the tokens in the ecosystem should be very cautious when spending money to buy them--the same is true for some classic projects that have achieved success and fame, and the same is true for AI agent projects that have risen this year.

According to this idea, I will first strictly review the tokens in my hands that only have governance functions and the project party has unclear definition of their future development. Anyone who continues to be positioned as a governance function in the future will clear away, no matter how well the story behind them is told, how advanced the framework is, and how potential the technology is.