Where is the next stop for the on-chain ecosystem? I think the answer lies in two directions.

On one side, there are high-performance L1s; on the other, L2s that have already proven their business models—in the past two years, the latter have significantly reduced gas fees, making it much less painful for ordinary people to use dApps. That’s a big deal. Simply put, no matter which track you bet on, the core is just one word: speed. Whoever can allow users to complete operations seamlessly and effortlessly will capture the incremental market. The technical approach can be debated, but the user experience hurdle must be overcome.