The version is about to start switching again The version belonging to the top of the chain is coming to an end And the version belonging to on chain VC is about to begin The reasons are as follows. 1. The ceiling version of projects that can be driven by the head of the chain is already very obvious, and most of them are meme coins, which cannot truly drive the emergence of innovative narratives and new infrastructure; 2. The core of on chain vehicles lies in trading, and to put it more bluntly, it is to seize liquidity. Therefore, the first priority must be to consider one's own interests. At the same time, in order to maintain a winning rate, in the current environment, the pattern is a loss, and building against the trend is foolish. Therefore, early pouring is the best choice (vehicles with construction capabilities have already died out in the previous version); 3. The collaborative ability between the upstream and downstream of the industry coin circle such as CheTou and exchanges is almost zero. It is difficult for CheTou to maintain their image as "independent researchers" while teaching GouZhuang and exchanges how to do things. Another reason is that everyone is quite independent; 4. A large number of VCs are no longer investing in the primary market, but they still have a lot of money on hand. At this point, their only choice is to go on the chain. Recently, we have clearly seen that many high-level control projects supported by VCs or Mingzhuang are doing better, and after more than 2 years, many VCs have gone from rejecting the chain to embracing it now; In a sense, generations of car owners have fulfilled their historical mission: in addition to making money, they vote with their feet with retail investors, forcing VCs and exchanges to build the blockchain. In a sense, it is like a peasant uprising, but we also need to acknowledge the limitations of car owners. Most car owners are traders rather than industry builders and new entrants. At least so far, we have not seen any car owners who have the ability to talk to the government or even the bosses of listed companies. Therefore, as the blockchain develops to this day, the power of the industrial cryptocurrency circle will also begin to intervene: VCs and exchanges gather, car owners invest in research and trading, and begin to enter the joint force stage to break through the ceiling of the blockchain - this version is about to be launched.