$HYPE: The Philosophy of Good Projects in Four Levels Previously, @theshikhai asked me what kind of projects I consider to be "good projects"? I provided a four-level hierarchical model: Level 1: TGE not completed, although there is investment, ultimately unable to issue tokens, capital failure. Level 2: As soon as TGE ends, it spikes like a Christmas tree and then falls back, the narrative is instantly debunked. Level 3: After TGE, still quietly cultivating, the team continues to launch mechanisms such as staking, buybacks, burning, and incentives, striving to create a flywheel. Level 4: The true ultimate state—token prices soar dozens of times, discovered by market value, with a consensus that transcends borders. At this point, no explanation is needed; the K-line is the best proof. This is $HYPE. The Reality of the Market and Cycles Yesterday, I chatted with a seasoned investor, and he showed me data on Dune: The entire SOL meme market has shrunk to 1/10 of its peak size, and it is still declining. It sounds brutal, but I am not pessimistic. Because it is precisely the "difficult" that makes it "worth doing." Real opportunities often arise at such moments. The contrarians are searching for our oasis. The crypto space is not an absolute zero-sum game. The last cycle created a lot of wealth effects, and this cycle and the next will have the same. Even at the tail end of a bull market, there will still be new narratives and new arbitrage opportunities. And in a bear market, smart people can always find new paths for arbitrage and wealth management. For ordinary people, the crypto space = a place of opportunity priced in USD. The core is: Speed of information: faster than others. Ways to obtain information: more efficient and comprehensive. Bridging information gaps: making the originally invisible, visible. From the Void to Reality: My Attempt For the first time, I wanted to create something "less void." Last year, I formed the Alpha-Master Group, This year, I launched my own channel, The goal is simple: to use my power to help more people stand taller and see further. I gradually discovered: The people who truly make money on Twitter are not many, The so-called "teachers" are not as knowledgeable as imagined, The deeper reason is: the industry has not yet truly scaled or institutionalized. Ordinary people cannot systematically learn and understand this industry. In the traditional world, there are already mature tools and platforms: Bloomberg, Wind... And in the crypto world, corresponding attempts are also beginning to emerge: @Surf_Copilot @xhunt_ai @DonutBrowser They are all striving to create a "crypto version of Bloomberg." The Turning Point of the Narrative In the last cycle, the loosening of U.S. policies allowed a large number of infrastructure (infra) projects to issue tokens. The number of public chains has increased, with over 200 ETH L2s, and the narrative has slowly been debunked. In the new cycle, market consensus has returned to the consumer app narrative. The core is no longer ponzi, but Revenue / Business Model. Everyone is searching for the next killer app. The most representative of this is Hyperliquid @HyperliquidX It absorbs traffic like a super black hole. It has become a symbol of on-chain transparency and fair narratives. At the same time, it has also diluted the relative hegemony of centralized exchanges on a political level. Similar projects include @defidotapp and @ParticleNtwrk, a few representative works of chain abstraction. They are all moving in this direction. My Bet: Follow the Insight So I also want to share a direction I truly recognize: @soon_svm's @simpfordotfun— a copy trading platform based on Hyperliquid. The future belongs to products that can combine transparency, efficiency, narrative, and user mindset. You don't necessarily need to have insight, but you must know how to follow. Betting, copy trading, and resonance are the only ways to truly reach that Level 4. With great virtue comes great responsibility; with ambition comes self-improvement; never cease to explore, may all beings return to the same oasis.