The more successful a perp DEX is, the more serious the privacy issues become. Once positions, liquidation lines, and trading habits are all transparent, there will be more MEV and sniping. The early internet was also unencrypted. But once usage exceeds a certain threshold, encryption becomes a necessity. The reason there isn't much on-chain yet is that hyperliquid isn't big enough. Everything that goes on-chain will eventually be encrypted; this endgame is called HTTPZ. Zama is the HTTPS of blockchain.

This year, both BTC and ETH have declined, but the net inflow of ETFs is still a huge positive value year-on-year. Tom Lee's reasoning for his predictions is that Wall Street is entering the market, and the story of traditional finance and RWA being put on-chain seems like the "wolf is coming" tale told many times. Changing the market makers takes a long time, but I still believe in this trend; the actual scenarios that will materialize will still be ETH. For top-tier technology like Zama, the first choice is still ETH, and overall, the most solid fundamentals are still ETH.

Things to do/invest in during the upcoming Crypto bear market: - Fitness, cosmetic procedures, teeth whitening, and other activities that enhance first impressions; this is an important social card. - Sleep more to make up for the sleep lost during the bull market; health is the foundation of revolution. - Spend more time communicating with the team; better understand and motivate each team member, as only a group can go far. - Think about what kind of company you would start if you were to start over, and what PMF to find; this idea is what to pursue during the new bull market. - Spend more time in various cities around the world; opportunities for cross-cultural and regional arbitrage always exist. - Embrace AI, reflect on how little I've used vibe coding and similar tools; at the same time, shift the business focus towards AI.