小猪天上飞-Piglet

😊Be happy.

CAP points value calculation, and is it worth buying at the historical low YT now?
First, let's discuss the time window in conjunction with the end of @capmoney_ Epoch 3, and compare it with the expiration dates of related Pendle pools. It can generally be inferred that the TGE of CAP will likely occur before the end of January next year. This timing assessment is not aggressive but rather conservative.
From the points perspective, the current data is already very clear.
Starting from the 17th, there are about 46 days left. As of 0:00 on the 17th, the cumulative points from user deposits is approximately 251.455 billion, with about 3 billion added daily recently. Considering the continuous growth of TVL, raising the subsequent daily point increase to 5 billion is a relatively reasonable estimate. Calculating this way, the total points at maturity will be approximately 481.45 billion.
Under this premise, as long as two variables are given:
1. Airdrop ratio
2. FDV at TGE
We can backtrack to derive the approximate value of every 1 million points.
I personally lean towards a 3% airdrop + FDV above 400M, which is a moderately optimistic range.
Next, let's focus on whether YT is worth buying.
Currently, the YT of cUSD and stcUSD on Pendle has only 41 days left until expiration, and the price has reached a historical low. We will simulate with an investment of 1000U.
First, let's look at YT-cUSD.
1000 USDC can be directly swapped for about 115,686 YT-cUSD, with an implied APY of about 7.58%.
The points obtainable at maturity are approximately 90.12 million (20 times point coefficient, deducting 5% commission).
If calculated based on FDV 400M + 3% airdrop, the value of these points is about 2244U, netting a profit of 1244U.
Even under a very conservative FDV of 200M + 2% airdrop, there would be a loss of around 250U.
From the risk-return ratio perspective, I personally believe there is a chance to win.
Now let's look at YT-stcUSD.
With the same investment of 1000U, about 116,983 YT-stcUSD can be obtained, with an implied APY of 7.39%.
After maturity, two parts of income can be obtained:
1. Approximately 22.78 million points (5 times point coefficient)
2. About 799 cUSD of base interest return (calculated at the current annualized rate of about 6.4%)
In summary, it equates to consuming about 201U to exchange for 22.78 million points.
Under the most conservative valuation model, there is basically no loss; as long as the airdrop and FDV are slightly normal, it would be a positive return, and the overall win rate is also quite high.
This article is for information organization and personal deduction only, not constituting investment advice,
Feel free to discuss more detailed parameter assumptions and variables together.#撸毛攻略

Many people ask me if Aster has been sold; the current price does not reach my valuation, so I must be holding on.
Reasons for keeping Aster:
1. Differences in market environment
October 2024 (HYPE): Early stage of a bull market, strong demand for contracts
September 2025 (Aster): The market is relatively rational, establishing trust in spot trading is more important
2. Different competitive landscape
HYPE advantage: At that time, competition in contract DEX was low, and technology was leading
Aster challenge: Facing strong competitors like the mature Hyperliquid, it needs to establish a user base first
3. Token distribution strategy
Aster airdrops 8.8% of the supply, preventing large-scale sell-offs
Withdrawal lock ensures early liquidity is controllable
Strategy assessment
Aster is not a simple replication of HYPE, but a reverse strategy based on different market environments:
Same goals: Control liquidity, gain price discovery dominance, build platform moats
Different paths: Spot first vs contract first
Adaptability: Rational choices based on the current market environment and competitive landscape
Next step predictions
Short term (2-4 weeks)
More second-tier CEX spot trading will go live
Completion of APX token swaps on first-tier exchanges like Binance
Liquidity gradually improving but still relatively low
Medium term (1-3 months)
Derivatives trading will be launched, prioritized on the Aster platform
Mainstream CEXs start to pay attention to ASTER contract demand
Forming positive competition with HYPE
Long-term risks
If the spot phase cannot establish a sufficient user base, subsequent derivatives promotion will face difficulties
Dispersed liquidity may affect trading experience, less effective than HYPE's concentrated strategy
Aster has chosen a more conservative but possibly more suitable strategy for the current environment, hoping for its success!#空投大毛

Uniswap selected for Bitwise ETF basket, solidifying its position as a leading DEX
Uniswap's UNI token has also been included in Bitwise's ETF application. This is not surprising for UNI, as it is one of the most important protocols in DeFi and the absolute leader in the DEX space, with daily trading volumes often exceeding centralized exchanges.
The value of UNI mainly comes from the protocol's fee income. Although most of the fees are currently distributed to liquidity providers, there may be a future activation of a fee switch to distribute part of the income to UNI holders. If this mechanism is activated, UNI's value will significantly increase.
Being included in the ETF application indicates institutional recognition of UNI. Uniswap's position as a DeFi infrastructure is solid, regardless of market changes. There is always a demand for trading; as long as there is trading, DEX is needed, and Uniswap is synonymous with DEX.
Historically, UNI's price has been quite volatile. It can rise significantly in a bull market and drop severely in a bear market. This is a common issue with DeFi tokens because trading volume is directly related to market heat. When the market is cold, trading volume decreases, protocol income reduces, and token prices naturally fall.
However, in the long run, UNI is still worth allocating, as it has a real business model and is not purely a speculative coin. Moreover, with the development of DeFi, Uniswap's importance will only increase, not decrease. If the ETF is approved, it will further enhance UNI's position.
It is recommended to use UNI as a core allocation in the DeFi sector, along with other high-quality DeFi protocols like AAVE, to build a relatively robust DeFi investment portfolio.

Falcon Finance on-chain data explodes What secrets are hidden in the new DeFi protocol
On-chain data shows that the activity of Falcon Finance's FF token on BSC has surged, with the 24-hour trading volume skyrocketing from $10,000 to $200,000, an increase of 1900%. The number of holding addresses has surged from 100 to 1000, a growth of 900%. There are also 10 transactions exceeding $100,000 from whales.
This explosive growth in on-chain data is either due to the project really taking off, or someone is manipulating it. From the timing, it looks more like the latter, because if it were natural growth, it should be gradual rather than a sudden explosion.
Falcon Finance claims to be a synthetic dollar DeFi protocol, possibly working on stablecoins or derivatives-related business. If there is indeed innovation, it could attract funds, but there is currently too little information to assess the project's quality.
The 10 whale transactions are very suspicious; it is possible that the project party or related parties are engaging in wash trading to create the illusion of trading volume to attract retail investors. This kind of scheme is quite common with low market cap coins. Once retail investors come in, the whales start to unload.
It is advisable to completely avoid such suddenly exploding small projects. Although on-chain data is publicly available, it can easily be manipulated. Truly valuable projects will grow steadily and will not suddenly increase 20-fold overnight; such data is more of a trap than an opportunity.
If you are really interested in Falcon Finance, you can wait for it to operate for a while to see if the data can be sustained. If it calms down after a few days, then it proves to be hype. If it can maintain high trading volume and active users, it would be worth considering later.

AAVE Leads the DeFi Lending Revolution, the Web3 Entry Point for Traditional Finance
AAVE has recently been highly discussed on social media, with several KOLs analyzing its dominant position in the lending market. Its TVL and fee income surpass competitors, and it is transitioning towards RWA and stablecoins, aiming to become the bridge for traditional finance into DeFi.
AAVE's business model is very clear: users deposit coins to earn interest, borrow coins to pay interest, and the protocol earns the interest margin and fees. This model has withstood multiple rounds of bull and bear tests, proving to be sustainable, unlike many DeFi protocols that rely on mining subsidies. AAVE's income is real.
Currently, AAVE is working on bringing real-world assets into the protocol, such as US Treasury bonds and real estate, allowing traditional investors to use on-chain assets as collateral for loans. If this direction succeeds, the market space will be very large because the scale of traditional finance far exceeds that of the crypto market.
Additionally, AAVE is developing a mobile application to lower the usage threshold, making it easier for ordinary people to access lending services. This is crucial because the current user threshold for DeFi is too high; users need to understand wallets, GAS fees, and smart contracts. If it can be as simple as using a banking app, the user base will explode.
From an investment perspective, AAVE is one of the most stable projects in DeFi. It has real income, a user base, and technical accumulation. Although the short-term gains may not be as exaggerated as meme coins, the long-term holding safety is much higher, and there are also staking rewards with a stable annual return of 3-4%.
The only risk is the overall regulatory uncertainty of DeFi. If governments start to strictly regulate DeFi protocols, AAVE will also be affected. However, compared to other projects, AAVE has performed relatively well in terms of compliance and has stronger risk resistance.

2025 Summary: I got prompts, Newton, aster, uai, trust, small town, avnt, light and a few unnamed small items that I don't remember.
2026 Plan: Find a suitable kit strategy to implement a stable income plan, conduct a small project for process experiments and VC connections, learn some English, and have good conversations with my foreign friends.
Wishing everyone a lot of success in 2026.

Plasma surged 15% strong technicals Can XPL continue its upward trend
Plasma token XPL increased by 15% to $0.1754 today, appearing on the rising list of several exchanges. Technical indicators show severe overbought conditions, with both 1-hour and 4-hour RSI exceeding 70, but MACD remains bullish, indicating that momentum is still present.
XPL is an old project that has been lukewarm for a while, but recently it surged suddenly, possibly due to some technical upgrades or partnership news. The support level is at $0.144, with resistance at $0.185. The futures positions increased by 23% in 24 hours, and the funding rate is positive, with bulls dominating the market.
From the candlestick pattern, XPL has broken through the previous consolidation range, and the price is above all moving averages. The upper Bollinger Band has also been breached, which is a typical strong characteristic. Short-term, it may continue to rise, but caution is needed for the risk of a pullback due to overbought RSI.
If you already hold XPL, you can continue to hold it now, but set proper take-profit and stop-loss levels. If it drops below $0.144, consider reducing your position. If you haven't entered yet, chasing the price now carries significant risks; it is recommended to wait for a pullback to around $0.15 before considering.
There isn't much information about what the Plasma project specifically does, but its longevity suggests there is some substance to it; it is not a purely speculative token. If there are more fundamental positive developments in the future, XPL may continue to strengthen.

DoubleZero rises 9% to become a new star in DePIN. Is there hope for decentralized fiber optic networks?
The DoubleZero token 2Z rose today by 8.8-9.89% appearing on multiple gainers lists with a price of $0.122. This is a project aimed at building decentralized fiber optic infrastructure, belonging to the DePIN sector. The idea is to allow ordinary people to co-build fiber optic infrastructure and then share the profits.
The concept of DePIN has become very popular recently. Decentralized physical infrastructure networks can theoretically reduce costs and improve efficiency. DoubleZero has chosen to enter the fiber optic network space because global fiber optic coverage is still insufficient. In many areas, internet speeds are slow and costs are high. If more people can be incentivized to participate in construction using tokens, it could indeed hold value.
However, the challenge is that implementing DePIN projects is very difficult. You need real people willing to invest money and effort to lay fiber optics, rather than just buying tokens for speculation. Does DoubleZero currently have an actual fiber optic network in operation? How many nodes are there, and which areas are covered? This information is not very transparent.
From a technical perspective, 2Z is currently in a volatile range, with RSI at a neutral level of 47-53, and MACD is somewhat chaotic. In the short term, both bullish and bearish outcomes are possible. Support level is $0.120 and resistance level is $0.126. The futures open interest has increased by 9% in the last 24 hours, but the funding rate is neutral, indicating that the market is still observing.
The DePIN sector has long-term opportunities, but it will take a long time to verify. DoubleZero is still in its early stages. If you believe in the future of decentralized infrastructure, you can allocate a small position, but don’t expect to get rich quickly. Projects like these either succeed or fail, with no gray area in between.
It is advisable to wait for the project to announce more actual operational data before deciding. Buying now is purely betting on its ability to succeed, which may not offer a favorable risk-reward ratio unless you are particularly optimistic about the DePIN sector.

LIVEBEAR has sparked a meme frenzy on Solana, yet another opportunity for a hundredfold coin.
LIVEBEAR is a meme coin on Solana, with a 24-hour trading volume skyrocketing from $80,000 to $500,000, a surge of 500%. The number of holding addresses increased from 300 to 1,200, a growth of 300%. There were only 2 large whale transfers, indicating that most participants are retail investors.
Solana has always been the main battlefield for meme coins, with various meme coins emerging, from BONK to WIF. LIVEBEAR stands out in this competitive market either due to a strong community support or KOL endorsements.
The relatively low number of whale transfers is both good and bad. The good thing is that it indicates there are no large holders controlling the market, reducing the risk of price manipulation. The downside is the lack of large capital support; once the hype fades, it could quickly drop to zero.
The investment logic for meme coins is completely different from that of normal projects. They lack fundamentals and rely entirely on community and hype. If the community remains active and keeps the topic alive, meme coins can continue to rise. Once the topic cools down, they can plummet immediately.
LIVEBEAR is still in the early stages, with trading volume and holding addresses rapidly increasing. If you are willing to bet that it can become the next BONK, you can participate with a small position, but you must be mentally prepared for the possibility of it going to zero.

GaiAI's GAIX rises 9% after launching on ASTER
GaiAI's token GAIX launched the USDT trading pair on the ASTER exchange on December 30, subsequently rising by 9.28% to $0.094, with a 24-hour trading volume of $18 million and a market cap of $15.5 million. This is a project focused on decentralized AI creative tools, allowing users to generate various content with AI and manage it through DAO governance.
The AI+Crypto sector has been particularly hot this year, but most projects are just hype without real products. GaiAI is one of the few that is usable. Their AI tools can generate images, videos, and text, and the quality is acceptable. Although it cannot match Midjourney or ChatGPT, it is sufficient for ordinary creators.
The key is that GaiAI puts all generated content on-chain, proving copyright in the form of NFTs. This is very important in the AI era because with the proliferation of AI-generated content, proving that a work is your creation has become a major issue. GaiAI addresses this pain point with blockchain; at least within their ecosystem, copyright is clear.
However, a market cap of $15.5 million is honestly a bit small, and such a scale can be easily manipulated. Today's 9% rise could easily turn into a 15% drop tomorrow, and the economic model of the GAIX token is still not very clear. If the team holds too many tokens, they could dump them at any time.
From the application scenario, there is indeed demand for AI creation, but whether GaiAI can succeed depends on the speed of product iteration. If the AI quality doesn't keep up, users will quickly flee. After all, there are plenty of free AI tools available; why would anyone pay for GAIX to use yours?
It is recommended to pay attention with a small position. Such small-cap AI projects will experience significant volatility, but if they really succeed, the returns could be considerable. The key is not to go heavy; a 1-2% position is enough to play around with, like buying a lottery ticket.

XRP massive transfer of 70 million coins, the Tron ecosystem is brewing big moves
In the past 24 hours, 70 million XRP has been transferred between unknown wallets, worth $131 million. Such large transfers are not uncommon on XRP, as it is primarily used for payments, with fast transfer speeds and low fees.
However, $131 million is still a significant amount, possibly indicating that some institution is rebalancing or that Ripple is engaging in market operations. Unlike other cryptocurrencies, a large portion of XRP tokens are held by Ripple, which regularly sells them.
From the market sentiment, XRP has been performing decently recently, as the lawsuit with the SEC has basically come to a close, significantly reducing regulatory risks, resulting in a relatively stable price. ETF funds are also flowing into XRP, indicating that institutions are allocating.
However, the issue with XRP is its lack of decentralization; Ripple holds too many coins, which could lead to market dumping at any time. Additionally, XRP's use cases are mainly in cross-border payments. While this market is large, competition is fierce, with SWIFT upgrading and other stablecoins vying for market share.
This large transfer may be related to a specific payment service or possibly an OTC transaction, which has little impact on the price. XRP does not experience the same price volatility as BTC when large transfers occur; its liquidity is strong enough to absorb large buy and sell orders.
For XRP investors, the focus now is mainly on two points: first, whether Ripple can secure more bank clients, and second, whether regulatory policies will further relax. If both of these points develop positively, XRP has room for growth.
Personally, I think XRP is suitable for long-term allocation, but one should not invest heavily because its volatility is lower than BTC's, and its profit potential is not as strong as other coins. However, it excels in stability, making it suitable for conservative investors.

USDT USDC Supply Drastic Changes Stablecoin Market Reshuffling
In the past 24 hours, both USDT and USDC supplies have changed significantly. 153 million USDT was transferred from Bitfinex to Tether's reserve, and 50 million USDC was destroyed in the reserve.
Changes in stablecoin supply are important market indicators. Issuance generally means new funds are entering the market, preparing to buy coins, while destruction indicates that funds are leaving, signaling some withdrawal.
The transfer of 153 million USDT this time may not necessarily mean issuance; it could just be a reallocation between different accounts. However, the destruction of 50 million USDC is a real supply reduction, indicating that someone has exchanged USDC back to USD.
From the market sentiment perspective, a contraction in stablecoin supply often occurs during times of increased market uncertainty, as investors convert cryptocurrency assets into fiat currency, waiting for better entry opportunities. Currently, BTC is fluctuating around $88,000, and many people may be observing.
However, one should not overinterpret this. $50 million is not a large amount in the entire cryptocurrency market; it could just be a normal operation by a large holder and does not represent panic across the entire market.
It is worth paying attention to the changes in the market share of stablecoins. USDT has always been the leader, with a market cap of over $130 billion, while USDC is around $90 billion. If USDC continues to be destroyed, USDT's share will further expand. This is positive for Tether but may not be a good thing for the market due to a lack of competition.
Additionally, we need to monitor the trends of other stablecoins like DAI, FRAX, and TUSD—are they growing or shrinking? If the overall stablecoin supply is declining, the market may indeed need to adjust for a period of time. If only USDC is contracting while others are growing, it may just indicate funds are flowing between different stablecoins.
It is recommended to continuously track stablecoin supply data and analyze it together with BTC and ETH price trends to more accurately assess the market direction.

USD1 market value exceeds 3 billion WLFI ecosystem expands rapidly
World Liberty Financial's USD1 stablecoin market value has surpassed 3 billion USD. This speed is astonishing, considering that most stablecoins take several years to reach this scale.
The rapid rise of USD1 must be backed by strong financial support and use cases. The mentioned collaboration with MMA is one of those use cases. If they can continue to expand more applications, the market value will continue to rise.
However, having a large market value for a stablecoin is not necessarily a good thing; the key is whether the reserves are sufficient. USDT was once questioned about the transparency of its reserves, leading to a crisis of trust. If USD1 wants to develop long-term, it must ensure adequate reserves and conduct regular audits publicly.
Currently, the stablecoin market is highly competitive, with USDT, USDC, DAI, FRAX, and others, each having its own characteristics. For USD1 to establish a foothold, it must find its differentiated advantage; relying solely on burning cash for subsidies is unsustainable.
From an investment perspective, stablecoins themselves have no investment value because their price is stable at 1 USD. However, one can pay attention to the ecological projects behind USD1. If USD1 truly grows, related DeFi protocols may have opportunities.
Additionally, it is necessary to be cautious; a market value of 3 billion may be overheated for a new stablecoin. If a large-scale run on the bank occurs, can the protocol handle it? This is a risk point. It is recommended not to convert a large amount of assets into USD1; USDT and USDC are safer.

MMA and World Liberty cooperate in sports + DeFi new gameplay
MMA.INC signed a cooperation agreement with World Liberty Financial to integrate the USD1 stablecoin into MMA's payment system for reward points and token economy. This is a case of the sports industry merging with DeFi.
The background of the World Liberty Financial project is quite mysterious. Recently, there were rumors of connections with certain political figures, and now they are cooperating with MMA. It seems that they are very active in promoting the USD1 stablecoin. The user base in the sports industry is large, and if payment scenarios can be connected, the circulation of USD1 will significantly increase.
MMA, a combat sport, has many fans globally. If cryptocurrency can be used to pay for tickets and buy merchandise rewards, it can indeed attract a new batch of users into Web3. Moreover, the payment demand in the sports industry is real, unlike some DeFi projects that are completely stagnant.
However, the stablecoin market is already very crowded, with USDT and USDC accounting for over 90% of the market share. USD1 faces a great challenge in grabbing a share unless it can carve out a niche in a specific vertical, such as focusing solely on sports payments; otherwise, it will be difficult to compete with USDT.
This cooperation is beneficial for both parties. MMA can gain cryptocurrency payment capabilities, and World Liberty can expand the usage scenarios of USD1. However, whether it can truly materialize remains to be seen. Many so-called collaborations end up being more noise than substance; after the announcement, there is often no follow-up.
If you are interested in the sports + crypto direction, you can pay attention to the subsequent dynamics of this project to see if they can truly deliver the product and whether users are willing to adopt it. If the data looks good, there may be investment opportunities for USD1, but it is still too early to tell. Let's wait and see.

Thank you all for the recommendations
8.5 bgb
1200 bnb
4800 eth
2.5 aster
1.0 usual
1.6 ena
130000 btc
This has made me incredibly fulfilled this year
Thank you all for accompanying me throughout 2025. If it weren't for you introducing me to cryptocurrency, I might have a little savings right now.

. ETF capital flows have changed, SOL and XRP have become new favorites
The capital flows of cryptocurrency ETFs over the last 7 days are quite interesting. BTC and ETH are both experiencing outflows: BTC has an outflow of $850 million, and ETH has an outflow of $120 million. However, SOL and XRP are seeing inflows: SOL has attracted $15-20 million, and XRP has attracted $70-80 million.
This change indicates a shift in market sentiment, with investors starting to rotate from large-cap coins like BTC and ETH to altcoins. This is a common phenomenon in the mid-stage of a bull market; after BTC rises, funds tend to seek out altcoins that haven't yet surged, in anticipation of higher returns.
It's not surprising that SOL and XRP can attract capital inflows; the SOL ecosystem has been very active this year, with meme coins and DeFi booming. XRP, on the other hand, has seen uncertainty removed as its legal battle with the SEC has essentially concluded, allowing institutions to confidently enter the market.
From a technical perspective, BTC and ETH may need to consolidate in the short term. Outflows do not necessarily mean a crash; it could simply be profit-taking. Once the adjustments are in place, funds will likely return. The sustainability of the rebound logic for SOL and XRP will depend on the overall market. If BTC cannot hold above $80,000, altcoins will likely decline as well.
I personally think this is a very good buying signal. When everyone rushes to chase SOL and XRP, BTC and ETH may actually be the safer choices. Of course, if you're willing to endure greater volatility, chasing SOL can also be profitable; the key is not to chase high prices and wait for a pullback to enter.
ETF capital flows are a very important market indicator, but they should not be relied upon completely, as they can sometimes be misleading. Considering on-chain data and technical analysis together will provide a more accurate view.

Hyperliquid prepares for HYPE distribution, establishing itself as the new king of DEX
Hyperliquid Labs begins the unstaking process in preparation for the next round of HYPE team token distribution. This perpetual contract DEX has recently gained a lot of momentum, consistently ranking high in trading volume.
The HYPE token economic design is quite interesting. The protocol's revenue will be used to buy back tokens, creating a positive cycle. This model is different from traditional DEX liquidity mining, being more sustainable. Moreover, Hyperliquid is an L1 blockchain, with its own chain and its own DEX, providing a user experience that is significantly better than DEXs on Ethereum.
The current concern is that the HYPE token price has already risen significantly. Will the team's token distribution create selling pressure? From the unstaking action, it is certain that a portion of tokens will enter the market. There may be short-term fluctuations, but in the long run, if the protocol's trading volume continues to grow, the buyback mechanism can offset the selling pressure.
Hyperliquid's biggest advantages are its speed and low fees, along with the absence of centralized risks, as everything is settled completely on-chain. This is a major selling point in the perpetual contract arena. Currently, centralized exchanges can suddenly go offline or restrict withdrawals, leading to an increasing demand for decentralized perpetual contracts.
Personally, I believe Hyperliquid could be one of the biggest dark horses in this bull market. If they can maintain their product advantages and continue to attract users, the HYPE token has a strong chance of entering the top 20. Of course, there are risks involved; there are too many competitors. GMX, dYdX, and Synthetix are all vying for market share. If Hyperliquid encounters technical issues or a hacker attack, it could be a fatal blow.

Grayscale applies for TAO ETP decentralized AI token to take off
Grayscale submitted its first ETP application for Bittensor TAO to U.S. regulators. This is a major move following the TAO network's halving, aiming to provide institutional investors with a compliant channel to invest in this decentralized AI token.
The TAO project has always been quite mysterious, creating a decentralized AI network that allows machine learning models to compete and collaborate. After the halving, the issuance of tokens decreases, theoretically reducing supply should positively impact price. Now Grayscale is applying for an ETP, which clearly indicates a long-term positive outlook for this sector.
The key question is whether the narrative of AI + Crypto can truly take off. Last year, AI meme coins were all the rage, but there are not many projects with real technology implementation. Bittensor is one of the few seriously developing products; their decentralized machine learning network is indeed innovative, but the business model has yet to be fully validated.
If Grayscale's ETP is approved, it will certainly bring a wave of institutional capital into TAO, similar to how GBTC drove BTC in the past. However, the risks are also apparent; the regulatory stance on AI tokens is still unclear. Whether the SEC will approve is still uncertain, and TAO's circulation is relatively small, meaning that once significant capital enters, price volatility will be very intense.
Personally, I believe that AI + Crypto is an important narrative for 2025, but which specific project can emerge will depend on the situation. TAO has technological advantages, but the token economic model and ecological development speed are also crucial. Grayscale's recent moves at least indicate that top institutions are paying attention to this direction, which is worth continuous tracking.