When discussing the issue of Crypto Assets premiums, I find it difficult to reach a definitive conclusion.

There is indeed a group of investors in the market who hold the top ten Crypto Assets, primarily viewing them as value storage tools rather than focusing on their actual application scenarios. Market behavior contains certain rational factors, but more investors tend to regard these first-layer blockchain tokens as manifestations of cash flow multiples (GCF). From this perspective, we will find that there are assets in the market that are simultaneously undervalued, overvalued, and reasonably valued.

When evaluating cryptoassets, conclusions should not be drawn based solely on short-term data. Many people like to make an annualized projection based on a month's or even a week's worth of data to determine whether an asset price is reasonable, but this method has limitations.

The core question worth contemplating is: how will these blockchain networks evolve in the coming years?

Each blockchain network has its specific user block space, such as Ethereum's Layer 2 scaling solutions or consumer-facing applications on Solana. The key question is, how much impact will the projects currently being built on these networks have on the demand for block space if they achieve scaled growth in the future?

At the same time, these networks are continuously enhancing their supply capacity. Therefore, how will future income levels and asset valuations change when demand and supply grow in sync?

We should focus on the potential performance three years from now. I estimate that there are currently about 50 million Crypto Assets holders in the United States, while the global market size is even larger. This data hides the basis for the judgment of the long-term value of Crypto Assets.