Recently, many people have been getting confused about playing memes; actually, you don’t need that—mastering the underlying logic is important.

Current meme players are in a pretty favorable position. Except for some certain chains, most other chains are basically competing for transaction volume. Here, it’s not just that transaction volume increases; there’s also the push to RWA and AI agents. And more importantly, it’s the preconceived notion: for example, Robinhood. You do RWA, I also do RWA, but after this wave, most crypto players will at least remember one thing: Robinhood = RWA chain; RWA chain = Robinhood. This is very important.

So for now, when playing memes, you need to look at the founders’ preferences—how to combine memes with it on-chain.

CZ and He Yi need to subsidize to run ads, so that’s essentially an ad chain. There’s no memes there—only subsidies. So if you look for memes in there, it’s just a derivative logic; the core is still advertising.

For the Robinhood chain, it’s that the founders keep repeating their ultimate goal: putting everything on-chain, including RWA. The main thread here has always been RWA. Combining it with memes is that they’re more open-minded, allowing the two to work together. You’ll notice that the valuation of AI agents here is always a bit lower than that of RWA.

So then, how do you think Stable should be judged, assuming there’s a follow-up?

The above is based on the scattered logic from when we were playing earlier in the group, summarized. If there are any issues, feel free to discuss.