From Consensus to division, the Hong Kong Summit reflects the 'struggle of trapped beasts' in the encryption world.

Share a brief essay on the Hong Kong Consensus conference:

1. As in the past, many people are running around the side events near the main venue, coupled with the unfamiliarity with the HK map, running and dining appointments, the whole person's legs are exhausted, and the physical exhaustion is indescribable. However, this is nothing, the mental exhaustion is even more tiring, constantly falling, when will it end?

2. Even in such a large environment, both large and small events are crowded with people. Looking at the emotional aspect, there is no bearish sentiment at all. Perhaps most people come for the "emotional value," in fact, the popularity king is basically the Solana ecosystem, and every event is packed and can even alarm Sir. In contrast, activities related to Ethereum, BTC layer2, etc., are much more bleak. It can only be said that it's a chaotic situation where one side finishes singing and the other takes the stage. They have also been brilliant in the past.

3. Although it is a Consensus conference, the more people are in contact, the more they feel that this is the most 'non-consensual' Consensus conference? The 'consensus' of the entire industry is being severely torn apart. The technical narrative PVE consensus is desolate under the MEME narrative PVP consensus, the consensus of Diamond hand Holders is embarrassed to speak under the consensus of young Trader P, and the consensus of the old technical team is out of place in front of some outstanding marketing Tokenomics projects, and so on. Seemingly consensus differentiation, but behind it is the collapse of the industry's 'unified' values. After Consensus, it is feared that Polarization will become the norm.

4. Many veterans in the currency circle have reacted that the 'market environment has changed', in fact, the market must be right, it's just that the old leeks' 'empiricism' is no longer useful. The old leeks used the logic of bull and bear market conversion from the past two cycles to speculate on coins, only to find that the four-year cycle conversion has failed. The market defines a bull market around hot narratives, coming like the wind, leaving no trace. When you are still solemnly believing that the bull market is just beginning, the bull market has already ended;

5. There is no need to complain that it has become difficult to make money in the market. In fact, it is just that the audience for making money has changed, and the mode and logic of making money have changed. Now the market is flooded with assets, and market attention (Mindshare) controls liquid wealth. Young post-00s who can stay up all night dare to rush in, make money and run. With energy and courage, they have become the lucky ones in this round of PVP narrative. In contrast, the old leeks with diamond hands and PVE mindset have no chance of winning. However, every PVP wealth feast ends with a large amount of liquidity being drained away. It is not clear how long this squid game of money can continue.

6. I can feel the desolation of a group of technology narrative idealist builders, which is different from the past. As an old OG put it, the technology roadmap has been implemented step by step, the TGE has been launched as required, the community has been maintained, and the narrative has been continuously updated with hot topics, but the coin price just can't seem to pick up. For those who work with idealism, does the lack of corresponding market rewards in the long term mean the exhaustion of innovative forces? If the cryptocurrency industry loses the idealistic geek spirit, what spirit should it use to counteract the stigma of the outside world’s gambling? How, can't even the disguise be dispensed with?

7. Most of the people on the AI Agent are trapped miserably, but most of them still firmly believe in the future narrative of AI + Crypto. I have always emphasized that aside from the short-term application value of AI Agent landing, the key lies in the value activation of AI Agent for the past narratives such as layer2, ZK, modularization, chain abstraction, and so on. It can give the old narratives a completely new building direction, and enable non-landing infrastructure to have the possibility of application preconditions. In short, compared to the sacrifice brought by the current burst of the AI Agent bubble and the value of reconstructing the industry's foundation for the future, it is not worth mentioning.

8. The operating logic of the secondary market has completely changed, BTC is unique in the sky, there is a drag on the bottom of ETF over-the-counter funds, and ETH and SOL and BSC are fighting at the niche level, but no matter how they fight, the market agrees that there is no comprehensive general rise in the copycat season. What kind of locomotive you choose determines what kind of results you can reap, and if you choose the wrong one, the result will be embarrassing, for example, if you are unfortunate enough to stand in layer 2.

9）The on-chain world has become the hope of most people in the currency circle, but compared to the difficulty of making money in the CEX secondary market, the on-chain pure speed PVP environment is also a daunting challenge for most audiences. After the chaotic era, the on-chain world must achieve restructuring from asset issuance, community cohesion, CEX connection, technology application landing, and the entire chain to be connected. Obviously, an on-chain story without asset issuance threshold restrictions and continuous technological innovation empowerment cannot truly change the Crypto world in a meaningful way.