Don't be fooled by the superficial illusion of "pushing coins"—in reality, those industry influencers who repeatedly mention a project are actually conducting a brutal cognitive filter.

The most painful paradox in the crypto world lies here: on one hand, shouting "decentralization," while putting all assets into centralized exchanges; on the other hand, claiming "long-termism," yet unable to withstand fluctuations over just a few months. This is why bear markets can distinguish true believers from speculators so thoroughly.

The lesson from FTX is still fresh—assets not in your own hands are ultimately just a fleeting dream. And those emerging L1 chain projects currently being discussed, such as those with their own underlying technology, are actually following the same old path as a certain top chain that "started from zero." 3 million users, daily trading volume exceeding 6 billion, these are not illusions of vapor projects but real ecosystem operations.

Looking back at history makes it clear. Remember when the price of a certain major public chain dropped below $0.1? Back then, the internet was filled with ridicule. And now? The holders from that time have long since laughed last. Similarly, the current voices cursing "zero" while staring at the K-line chart will only sound more ironic ten years from now.

The key lies in understanding the true positioning of a project. If a project aims to become the infrastructure of the derivatives ecosystem, its role is not to be a short-term speculative target for rapid gains, but to be a rule-maker and underlying architect. This scope itself is on a different level.

Funds that truly understand the market will never be foolish enough to hold stablecoins passively. They use controlled risks to bet on a long-term future. Those who can't withstand even seven days of volatility are destined to miss the next big wealth opportunity; conversely, those who understand that "underlying restructuring equals long-term value" are the ones qualified to sit at the next bull market's table.

Washouts are never the end. They are like a dividing line—on one side are spectators driven away by emotion, and on the other are long-term players who see through the logic and hold onto their chips tightly. Which one are you? Your holdings have already given you the answer.