The differences in trading mechanisms across various cryptocurrencies are significant. Bitcoin is traded on public exchanges, representing transparent market activity; whereas privacy coins mainly flow into dark pools or over-the-counter markets, which are two completely different trading ecosystems.

Cross-chain bridge assets are quite interesting. Take a certain cross-border payment network's token as an example; it serves as an intermediary for currency exchange and essentially also represents the issuer's equity. This company has big ambitions and is pushing for international settlement penetration. From the stage of going from 0% to 10% market share, this is the purest period of expected dividends—token prices often surge most fiercely. Once entering the 10%-50% adoption stage, expectations are fulfilled, and the growth trend will become more rational or even stagnate.

The story of smart contract platforms is even more intriguing. From the early expectations of becoming the foundational infrastructure of Wall Street, to now evolving into the basic tools of the DeFi ecosystem—this process has actually been quite long. Tools are indeed unprofitable most of the time; in recent years, the rapid rise in token prices was mainly due to the scarcity of usable tools and everyone still dreaming about the future. Now that tools are everywhere and scarcity has disappeared, the era of speculating on tools themselves is over. Instead, a new phase has emerged: acquiring mature tools at low cost and generating cash flow through scaled application—this is the new growth logic.