Let's talk about the driving logic behind Ethereum's recent surge. I've seen many summaries of Ethereum's major trend since mid-April. My own view is: 1. The starting point should still come from the expectations of the stablecoin bill that emerged in March. The market will look at who will benefit the most from the passage of the stablecoin bill, and Ethereum is undoubtedly the biggest beneficiary. This is because it has a large issuance scale of stablecoins, a long history, and almost all stablecoins were initially issued on the Ethereum chain. Based on this, when Ethereum experienced a significant drop from March to early April, some institutions began to accumulate chips, and while some were selling off, it meant that others were picking up those chips. 2. The second major driving logic is SEC Chairman Atkins' speech at the tokenization crypto working group roundtable in mid-May, where he explicitly mentioned the comprehensive promotion of asset on-chain. "Securities are increasingly migrating from traditional (i.e., 'off-chain') databases to blockchain (i.e., 'on-chain') ledger systems. On-chain securities also have the potential to reshape all aspects of the securities market, including issuance, trading, holding, and using securities." As for the "Project Crypto" proposed by Atkins in late July, it is a continuation and more specific action plan of his speech in May. Due to Atkins' speech and the expectations of asset on-chain integration, the market's anticipation for RWA and DeFi has naturally strengthened, and Ethereum is also the most comprehensive and rich public chain in the DeFi ecosystem, which enhances the market's certainty about Ethereum. I noticed that Brother Ni @Phyrex_Ni mentioned that since May 19, there has been continuous net inflow into Ethereum ETFs, which coincided with Atkins' speech in mid-May. Personally, I believe that Atkins' speech played a significant role in this. 3. The above two points allowed Ethereum to survive the darkest period of massive sell-offs while also experiencing a certain value recovery. The major catalyst was the announcement by Sharplink at the end of May to raise funds and rename itself to Sbet, transitioning to Ethereum micro-strategy. Subsequently, in June, BMNR also announced its entry into Ethereum micro-strategy, and at the same time, Tom Lee entered the BMNR, starting his journey of promoting to Wall Street. Ethereum also welcomed its spokesperson on Wall Street, Ethereum's "Michael Saylor." This aligns with the previous belief that BMNR is more likely to become the leader in Ethereum micro-strategy. Lee's promotion corresponds to the significant increase in Ethereum spot ETF trading volume, which started to surge from early July, with BlackRock's ETHA daily trading volume climbing to around $2 billion. Ethereum has also begun its value recovery from this point. Here, I have outlined the three major driving logics of Ethereum since early April. Of course, the core remains the first smart contract public chain, whose security and decentralization have been tested over time, which is the underlying logic of assets. From a longer time perspective, the current wave of stablecoins, asset on-chain/token-stock integration, and RWA/DeFi trends is still fundamentally driven by policy logic, and the policy has just been implemented, not yet reaching a stage where expectations are fully realized. Personally, I feel we are still in the first half. We are only anticipating the arrival of the integration era, and the reality of large-scale asset on-chain has not yet arrived. Perhaps by that time, we can say that expectations have been fully realized.