I have been following the latest developments on the blockchain recently. After filling in some knowledge gaps in the market over the past few days, I noticed that although the overall market sentiment isn't very hot, there are a few promising projects emerging on-chain that are definitely worth paying attention to.

The most impressive thing for me was two recent public investment moves by the foundation of a leading exchange. The signals behind these actions are very clear — their support for this track is unequivocal. Considering the current market environment is relatively cold, and compared to the peak valuations of emerging tracks in previous years, there’s still quite a gap. This situation is actually quite predictable. It reminds me that the birth of inscriptions happened at the end of the last bull run, and when the new cycle arrives, it quickly gains momentum. Today’s on-chain opportunities seem to have a similar flavor.

Speaking of which, I have to be honest about my own thought process. In 2021 and 2022, I had quite a few biases against Meme projects. My thinking back then was very straightforward — no technical content, no practical application, driven purely by emotion. Isn’t it just air? Later, I realized that the projects claiming grand visions and technological breakthroughs are often the biggest traps, especially considering the VC manipulation behind them.

Now, looking at Meme projects, I feel there’s a sense of honesty. The rules of the game are transparent, and they can’t be maliciously tampered with. It relies on traffic, IP, and consensus to leverage value. For retail investors, this is actually more “democratic” — at least everyone understands why they make money or lose money, rather than being repeatedly exploited by information asymmetry. In comparison, some traditional projects’ VC models leave investors clueless and vulnerable to being harvested, which is truly painful.

If the ecosystem platforms can allocate more resources to the Meme track, gradually those complex VC projects will be squeezed out. Honestly, part of it is also a way for me to vent — some VC projects I hold just hope they go to zero sooner, some have made a profit at least once, and some are just trapped after buying in.