After being in the crypto circle for so long, I’ve discovered a painful truth: most people don’t actually die because they’re looking in the wrong direction, but because they get caught up in the configuration structure.

Do you think you’re competing with candlesticks? Wrong. You’re actually racing against time, battling with the way funds are allocated, and engaging with how to manage risk exposure.

In a bull market, everyone is a stock god, but that’s not skill; it’s just the tide lifting you up. When a bear market hits, everyone blows up their positions collectively—not because they’re unlucky, but because the market is using the most brutal method to淘汰 unqualified players.

Those who can endure until the next cycle rely not on quick reactions to hot topics, but on understanding how to control drawdowns, maintain steady growth, and slowly build a moat through compounded profits.

It’s precisely because I’ve figured this out that my focus has long shifted from short-term surfing and chasing hot stories to a deeper, more critical track—the on-chain asset management.

In this field, there’s a project I think is worth paying attention to. It’s not just creating a new “high-yield gimmick,” but aiming to bring the mature asset management capabilities of traditional finance onto the chain, transforming them into tokenized, modular, transparent, and verifiable infrastructure. Making genuine strategies with real money become as common as utilities like water, electricity, and gas in the DeFi world.

Why is this important?

Because past DeFi, frankly, has relied on burning money to survive.

What about triple-digit APYs, liquidity mining, airdrops, token airdrops…? They look lively on the surface, but fundamentally, these aren’t strategies; they’re just means to attract traffic. Once subsidies stop and流量退去, everything’s exposed.