How will the crypto ecosystem develop after stocks are tokenized?

- After the stocks are on-chain, will MEME be the most affected? Will the valuation of crypto projects be benchmarked against traditional listed companies?

It's hard to say if MEME will be the most affected, but it will likely be impacted to some extent. However, the casino will never lack business or attention.

I believe that the valuation of crypto projects being benchmarked against traditional listed companies is definitely a trend, and it should develop in this direction. There are too many project tokens in this ecosystem that are clearly overvalued, and the fundamentals are unreasonable. Comparing them to listed companies is like a mirror that reveals the true nature of some inferior projects.

- Is the dollar-cost averaging line still the same as before?

Bitcoin hasn't changed for now, but Ethereum has increased; I'm dollar-cost averaging under $3000 now. I'm becoming more optimistic about Ethereum's future.

- UNI has started burning, is it time to buy?

I haven't bought it; I feel that buying it is not as good as buying Ethereum at the current price.

- Infinite bullets

I'm not exactly infinite bullets; I'm mainly very frugal. I've shared before: I haven't bought anything in the past six months.

Additionally, over the past month, I've gone through all the projects and layer two expansion ecosystems I've previously participated in. While sorting through them, I felt a mix of emotions, and memories flooded back.

Some projects' grandiose statements seemed to echo in my ears again, but now the coin prices have almost gone to zero, and their Twitter accounts have been deactivated;

Some projects that were once very popular now can't even open their websites, and I can only find traces of them left on the internet;

Some projects that once had collateralized funds no longer have their web pages, and I can only find the past staking contracts on blockchain explorers, manually interacting with the contracts to retrieve the assets I once staked with hope.

Time is the best filter; it doesn't even take long for most projects to be filtered out by time. Truly viable and valuable projects are few.

- It feels like funds will chase after expectations of future releases; I wonder if this idea is correct.

This is a comment from a reader in the article "Reflections on HashKey's Listing" dated December 22.

Many people may have this view, but I tend to be more cautious.

The reader also mentioned "future releases" in their comment, which is the key and core of the issue.

How long is the "future" before it is released? I think this "future" is likely at least 10 years away. And within these 10 years, unless unexpected situations occur, I estimate that the possibility of this expectation being realized is very small.

So it's more important to first clarify what the overall trend will be in these 10 years. There will definitely be various small fluctuations within this overall trend, but the fundamental aspects will not change; small fluctuations cannot alter the trend. Mistaking small fluctuations for a reversal of the trend would be a fatal error.

Therefore, I think it's still too early to rush in and buy based on this expectation.

Moreover, even if this expectation can be realized, there is still a lot of uncertainty about whether HashKey's business can support its vision.

So I won't touch such companies and stocks.