Recently, I have been exploring investment opportunities in Web3 and have noticed my focus gradually shifting. In the past, everyone was focused on the underlying public chains themselves, but now I increasingly believe that the real opportunities lie at the agent level.

Why do I say that? Simply put, Web2 continuously generates various demands, while Web3 holds the capital and settlement capabilities. How do these two come together? Ultimately, it all comes down to using agents to close the loop. So, if you are doing investment research, the logic is quite straightforward—who can truly help agents run their business models smoothly and enable them to make money, who has value.

Based on this idea, I am mainly engaging with projects like TALUS, SAHARA, VIRTUAL, OPEN, and NEAR. These teams are not just shouting slogans and telling stories; they are seriously thinking about how to make agents generate real business value. This is completely different from projects that only focus on narratives without practical implementation paths.

As for the public chains themselves? They certainly won't disappear, and their scale will continue to grow. But the problem is that competition will become more intense. Moreover, from an income perspective, public chains find it difficult to capture value at the business level, and ultimately, they need to sink deeper. From an investment standpoint, 99% of public chains, in the long run, will not outperform assets with real cash flow—like Circle. So, when choosing a track, you need to think clearly about where the value lies.