The logic is actually very simple, there's no need to consider any track narrative, and you don't even need to learn the three plates. In this version, there are only two paths: create assets or create products. Making decisions is also very simple, eat as much as you can with the resources you have, resources determine strategy. What does it mean to create assets? Maximizing cash-out goals requires making the price and liquidity of an asset work, which is called creating assets. The "one" here may not really be one coin, but rather a bunch of coins (split plate), specifically go back and look at the three plates. What resources are needed to create assets? First, to make price and liquidity, you need money, either you have money yourself, or you can mobilize a lot of people's money. So who is closest to this logic? It's the secondary market MM. Because no matter which niche, MM is closest to money and insider information, and is also the easiest to mobilize VC bros (individuals) and KOLs. So this cycle has produced extreme conspiracy group plates led by MM like @HyperliquidX, and many AI projects are directly done by secondary teams. Moonshot can be successful, and it's closely related to the Alliance DAO group. This product can rise not because of any fiat currency narrative, but because it can quickly know which hot memecoin is planned by which MM. The profit effect eliminates all newcomer onboarding cognitive costs. What Lao Wu said about creating a conspiracy token group is a miniature version of the "create assets" strategy. If the resources and capabilities are not enough, then you can only settle for second best and create tools. What does it mean to create tools? Being a helper for asset creation is called creating tools, whether it's for retail investors or for the big players. The entire industry chain of asset creation can be roughly divided into: issuance, dissemination, distribution/trading. First, the issuance part mainly serves the big players (to dev): how to ensure that the big players can quickly, at low cost, and low risk issue assets and form control, while reducing all external PR risks. In other words, operating without anyone knowing is the highest level. Specifically, the product includes batch wallet generation and grouping, group operations, automatic transaction history formation, smart money wallet cultivation, on-chain tool counter-surveillance, holding address data analysis cost analysis, and high-performance infrastructure like node RPC, rug faster than others. Secondly, the dissemination part, anything that can make the audience form a buying impulse is uniformly a dissemination tool. This includes KOLs themselves, as well as all on-chain scanning, wallet address tracking tools. From the perspective of providing these tools to retail investors, they are actually costly and unprofitable, after all, retail investors are slow to make money from subscription fees and have low willingness to pay (look at how unwilling we are to buy Kaito). Their real logic is to create a screening framework, using Pavlovian methods to train retail investors, making them form a thinking inertia of seeing a certain indicator = rush. Finally, distribution/trading. All exchanges and trading bots fall into this category. Essentially, they provide a channel for a larger range of retail investors to get to the gambling table faster and more conveniently. For example, Moonshot talks about buying memecoin with fiat currency, and trading bots' turbo and MEV proof modes. But creating tools ultimately solves the user's primary problem: users use your tools not to trade higher, faster, stronger, but to make money. Simply creating an institutional-level speed trading bot for the current trench warriors won't make them more willing to use you, because quickly buying into a scam plate still results in being rug. What they want is for you to tell them which CA to buy at "institutional speed," and then let them quickly buy in. Every round, the logic of what assets to issue will change (ICO - exchange single machine plate "one coin one exchange" - DeFi coin - Gamefi - VC coin - on-chain memecoin), the way of trading may also change (centralized exchange - AMM DEX - inscription/NFT order trading - TG trading bot - chain scanning trading terminal). But the underlying principle, the required capabilities, resources, are all the same. This is why MM, KOL/media, exchanges basically remain standing. Project parties cannot survive the bull and bear, but those selling water can definitely survive the bull and bear.