What other secondary tracks in the future of encryption are worth paying attention to for retail investors? The difference between this cycle and the previous one is that in the previous cycle, people's attention was focused on high annualization and cost recovery rate, Chasing and exploring gold mining opportunities and first mover advantages, then transitioning to narrative (NFT and metaverse). And people in this cycle will focus their attention and quickly accept the narrative, then quickly transition from narrative to valuation, and finally drive MEME explosion by underestimation. And the future attention of people is still unknown, but some tracks have already taken a favorable position 1.Restaking & AVS EigenLayer EIGEN has launched six AVSs on the Stage-3 main network, with nearly 70% of the staking still concentrated in the top three LRTs The track is still in its early stages, experiencing a round of hype in 23 years, but has not formed a market dominance 2. RWA 2.0: On chain treasury bond&yield stable assets BlackRock's BUIDL has reached US $2.9 billion, and the market value of treasury bond bonds on the chain is less than 10 billion It has not yet formed a scale, and the track is still in its early stages, but it has already captured attention 3.Bitcoin L2 / Runes Moving smart contracts onto BTC has always been the ultimate goal of encryption, and L2 is generally considered the most likely path to achieve it Currently, BTC DeFi TVL is less than 2.5 billion, only 1/20 of Ethereum, and Ethereum's market value is only 13% of BTC's