Content Source: Uweb Live Class Episode 187
Content Organizer: Peter_Techub News
Statement: The content of this article is for learning and sharing purposes only and does not constitute any investment advice.
On the evening of September 9, 2025, Uweb Live Class Episode 187 invited Meng Yan, the proposer of the token concept and co-founder of Solv, to engage in an in-depth dialogue with Uweb President Yu Jianing. Meng Yan had just returned from an in-depth research trip to Silicon Valley, bringing back a wealth of frontline insights and forward-looking judgments. Centered around the theme of "Returning from Silicon Valley: Decoding the Next Phase of Industry Trends," the discussion provided a deep and forward-looking intellectual collision on three core dimensions: the crypto cycle, future trends, and investment preparations.
1. Debate on Cycles: The 4-Year Law Loosens, Long Bull Logic Emerges
The rule of "the crypto industry has a 4-year cycle" has been an important basis for countless practitioners and investors to judge the market. However, in this live broadcast, Meng Yan combined observations from Silicon Valley to propose a disruptive viewpoint: the 4-year cycle in the crypto industry has begun to be broken, and the market is entering a new, elongated cycle.
Meng Yan pointed out that in the past two bull markets (2017-2018, 2021-2022), the cyclical pattern was clear—Bitcoin broke through first, followed by Ethereum, and then altcoins entered a "celebration season," with bubbles continuously accumulating during sector rotations, ultimately triggering a bear market due to policy regulation or project failures (such as the 2022 Luna collapse). However, the current market has shown new characteristics: since 2023, the crypto market has significantly increased its correlation with the U.S. stock market, with Bitcoin and Ethereum's movements synchronized with U.S. stocks, and the total market capitalization has surpassed $4 trillion, reflecting a fundamental shift in the funding structure.
"The large-scale entry of U.S. institutional funds is reshaping market rules," Meng Yan emphasized. From Grayscale and MicroStrategy continuously increasing their Bitcoin holdings to Trump approving the allocation of crypto assets in U.S. 401K pensions, mainstream U.S. capital is entering the crypto space in a "military formation." These institutional funds are large in scale and have longer investment cycles, contrasting sharply with retail investors' short-term behaviors of "buying high and selling low," objectively delaying the market's volatility rhythm and shifting the cycle from "explosive ups and downs" to "gentle evolution."
Yu Jianing further added that the shift in Silicon Valley capital's attitude towards crypto is more representative. In the past, due to policy uncertainties, Silicon Valley venture capital focused more on AI, biomedicine, and other fields, but the current U.S. policy has become clearer. Even without a complete Clarity Act, many funds in Silicon Valley have begun to allocate crypto assets—"For them, allocating crypto is not a 'multiple-choice question,' but a 'must-answer question.' If they do not follow, they may underperform the industry average returns."
However, both guests also reminded that a prolonged cycle does not mean "no volatility." Meng Yan believes that the market will still experience an adjustment period, waiting for key policies like the Clarity Act to be implemented and needing time to establish a linkage mechanism between Wall Street, Silicon Valley, and Asian markets (such as Hong Kong and Singapore). But in the long run, with institutional funds continuing to enter and the compliance framework gradually improving, the crypto industry is expected to bid farewell to "short bulls and short bears" and enter a more stable long-term development phase.
2. Trend Outlook: Three Main Lines Leading the Next Phase of the Crypto Industry
When discussing the mainstream trends in the future crypto industry, Meng Yan combined his observations from his Silicon Valley study trip and his own research to propose three core directions: "B-share linkage, U.S. stocks on-chain, and the Exchange of Everything," which will be advanced in logical order and may even overlap in their efforts.
(1) B-Share Linkage: Opening a New "Two-Way Empowerment" Play
"B-share linkage is not a 'fantasy of stepping on both feet,' but a path with successful case studies." Meng Yan used MicroStrategy as an example to analyze the core logic of this model: companies finance or leverage through the stock market, buy cryptocurrencies, and reduce their liquidity to push up coin prices; the rise in coin prices then feeds back into stock prices (due to the leveraged relationship between stock and crypto asset prices), further helping companies to finance in the stock market—forming a positive cycle of "stock market financing - buying coins to push prices - stock price increase - refinancing."
Currently, achieving B-share linkage through the DAT (Direct Asset Tokenization) treasury model has become a mainstream path, with some teams accumulating practical experience through SPAC listings and reverse mergers (RTO). Meng Yan revealed that in the future, B-share linkage may explore more models, such as packaging Crypto businesses for S1 listing or reviving STO (Security Token Offering), providing the industry with more diverse financing and value circulation options.
(2) U.S. Stocks On-Chain: Breaking Barriers, Activating Asset Liquidity
"U.S. stocks on-chain is not 'unnecessary,' but it addresses the core pain points of traditional stock markets." Meng Yan pointed out that at least 2 billion people globally have the ability and willingness to invest in U.S. stocks but are blocked by geographic restrictions, high capital gains taxes, and insufficient liquidity. U.S. stocks on-chain (essentially the tokenization of stock equity) can effectively break these barriers: on one hand, a rules-based KYC mechanism can allow more people to participate in U.S. stock investments, potentially increasing the number of investors by tenfold; on the other hand, unlisted companies can increase exit channels through equity tokenization, enhance financing efficiency, and even use stock tokens to develop token economic incentives, rapidly accumulating network effects.
Notably, this trend has shown signs of acceleration: Nasdaq has submitted a proposal for comprehensive stock tokenization, and platforms like Kraken and Robinhood have launched 50 and 500 U.S. stock-related tokens, respectively. Meng Yan predicts that Hong Kong will soon follow suit, and in the future, stock equity tokenization will become an important link in the integration of crypto and traditional finance, with equity from high-quality Silicon Valley projects in AI and biomedicine likely to become the first batch of "on-chain star assets."
(3) Exchange of Everything: Creating a "Super Trading Ecosystem"
"The Exchange of Everything is not a brainchild but a reality that is happening." Meng Yan introduced the "Super APP" concept proposed by SEC Chairman Atkins, which essentially allows users to trade all assets, including U.S. stocks, U.S. bonds, commodities, and cryptocurrencies, on a single platform. Currently, Coinbase has proposed the vision of "Exchange of Everything," and decentralized exchanges like Hyper Liquid have also announced plans to support trading of all asset categories.
Meng Yan believes that the Exchange of Everything will reshape the financial trading landscape: it can not only enhance trading efficiency but also break down barriers between different asset classes, forming an ecosystem of "liquidity for all asset categories." For investors, this means that in the future, they can achieve cross-market allocation on the same platform; for the industry, every "asset swap" is an opportunity for a new exchange to rise—just as Bitcoin in 2013 and ERC-20 tokens in 2017 drove the iteration of exchanges, this wave of RWA (Real World Assets) on-chain may also give rise to new industry giants.
Additionally, Meng Yan also shared his views on stablecoins: although the stablecoin war has not erupted as expected, it will inevitably come, and the first explosive scenario will be RWA trading (rather than daily payments). When RWA trading brings in hundreds of millions of users, stablecoins will gradually penetrate into scenarios like cross-border e-commerce and online tipping, ultimately impacting the traditional payment system—this path is highly similar to Alipay's transition from e-commerce payments to full-scenario payments.
3. Investment Response: Seizing Certainty Opportunities Amid Market Changes
In the face of profound changes in industry cycles and trends, how should investors respond? The two guests provided suggestions from three dimensions: risk avoidance, opportunity capture, and capability enhancement.
(1) Avoid "Pseudo-Opportunities" and Focus on High-Value Tracks
Meng Yan clearly warned that the traditional "altcoin season" is unlikely to reoccur, and low market cap, low liquidity pure crypto altcoins carry high risks. Future incremental funds in the market will flow more towards RWA assets (especially stock and equity RWA) and projects related to B-share linkage and U.S. stocks on-chain. "Investors need to abandon the habitual thinking of 'trading small and new' and prioritize attention on targets supported by real assets and with clear compliance frameworks."
Yu Jianing also added that the current crypto market has entered an "institution-led" phase, where retail investors are at a disadvantage in terms of capital scale, information access, and professional capabilities. Blindly following the hype around altcoins and MEME coins can easily lead to losses. In contrast, Bitcoin, as a "sovereign financial ballast," and Ethereum, as the "greatest common divisor" for RWA issuance (with the highest recognition for RWA assets issued on Ethereum), remain foundational choices for long-term allocation.
(2) Seize Three Certainty Opportunities
Combining the three trends mentioned earlier, Meng Yan suggested that investors focus on three types of opportunities: first, compliance service institutions related to B-share linkage, such as teams providing SPAC and RTO consulting; second, infrastructure projects for U.S. stocks on-chain, such as platforms supporting stock token issuance and trading; third, the ecosystem of the Exchange of Everything, which includes both the upgrade direction of traditional exchanges and new platforms entering from fields like foreign exchange and precious metals.
"Silicon Valley projects have an average value appreciation potential of 1200 times from initial financing to exit, and nearly half of the projects can exit decently after Series A." Using Silicon Valley as an example, Meng Yan emphasized the long-term value of quality assets—future advancements in U.S. stocks on-chain will likely allow investors to access more equity in high-quality Silicon Valley projects, which will be an important wealth opportunity in the next phase of the crypto industry.
(3) Enhance "Cross-Market" Awareness and On-Chain Analysis Skills
"The market has changed, and investors' capabilities must upgrade accordingly." Yu Jianing pointed out that the past investment logic of merely looking at K-lines and listening to news has become ineffective. Currently, two key capabilities need to be enhanced: first, cross-market awareness, understanding the linkage mechanisms between the stock market and the crypto market, and the compliance differences in different regions (such as the policy directions of the U.S. and Hong Kong); second, on-chain data analysis skills, using on-chain data from Bitcoin and Ethereum to judge capital flows and market supply and demand, rather than relying solely on market predictions.
Uweb has also adjusted its course system in response to this demand, such as conducting on-chain data analysis every Sunday evening, and the "WEB3 Future Wealth Course" to be launched in Shenzhen at the end of September will focus on B-share linkage opportunities, BTC/ETH layout and exit strategies, macro cycle analysis, and other content to help investors build a systematic knowledge framework.
Conclusion
From breaking cycles to reshaping trends, from observations in Silicon Valley to global linkages, the dialogue between Meng Yan and Yu Jianing provides a "clear roadmap" for practitioners and investors in the crypto industry. As Meng Yan said in the live broadcast: "The crypto industry is not a 'zero-sum game,' but a creation of new value through integration with traditional finance." In the future, as B-share linkage, U.S. stocks on-chain, and the Exchange of Everything gradually take shape, the crypto industry will truly achieve "connecting tradition and innovation," and those who can grasp trends, enhance capabilities, and rationally allocate resources may become the beneficiaries of the new round of industry transformation.
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