Ethereum is 4000 again. Compared to the bull market in 2021, what has changed and what hasn't changed? It hasn't changed at all: The essence of the cryptocurrency market carried by Ethereum as the main source of global financing efficiency remains unchanged, Ethereum remains the most decentralized and attack resistant chain of Turing completeness, The essence of decentralized business that subverts centralized business has not changed, The essence of cryptocurrency hedging against the fiat currency system has not changed, The prospect of the cryptocurrency market surpassing the total value of the financial derivatives market (over 700 trillion) in the future remains unchanged (while the current total market value of the cryptocurrency market is less than 3 trillion) This time is different: Ethereum's rise is mainly driven by stablecoins carried by Ethereum and consensus driven by institutional and mature investors brought by RWA, rather than the rise of Ethereum in 2021 driven by various dirt dogs and small picture driven retail consensus This round of DeFi Summer did not have the same innovation as in 2021, and there were not even a few pseudo innovations, so it is highly unlikely that there will be any grand imitations flying together. On the contrary, picking up loopholes from the knockoff can seize many opportunities The entry of developers from outside the industry, the acceleration of AI, and the lowering of user barriers brought about by technological maturity will drive real new users and real on chain innovation. Although there are not many at present, having PMF (product market fit) instead of just pursuing TMF (token market fit) will definitely restart the knockoff season in the future, but this will be a valuable knockoff season!