Crypto Market Outlook - Crypto will disrupt traditional finance (TradFi), bringing it on-chain [1] - Buying emerging crypto assets like Monad, Fogo, or Plasma is unlikely to yield significant profits [1] - The most promising approach involves investing in traditional companies leveraging crypto rails and establishing network effects [1]

Market Analysis - Raoul Pal 指出比特币正处于类似“2017 年的谷歌”的早期阶段 [1] - 比特币和以太坊的价值主要来源于加速的网络效应 [1] Cryptocurrency Adoption - 比特币和以太坊仍处于早期采用阶段 [1]

Network Effects & Valuation - The existing store-of-value network possesses substantial network effects [1] - Newer networks are comparatively small and less significant [1] - These smaller networks may negatively impact the functionality of the larger, valuable store-of-value network [1]

Network Development - Celo is envisioned as a transport layer for global stablecoin payments with sub-cent fees [1] - Network effects are beginning to emerge 5.5 years after mainnet launch [1]

NFT Marketplace & Royalties - OpenSea's foresight in providing royalties for creators fostered network effects, leading to a 1000x growth in the NFT space [1] - Royalties are currently supported for ERC-721C collections [2] - OpenSea 2.0 aims to be more creator- and community-aligned [2] Bored Ape Yacht Club (BAYC) - BAYC started as a concept and evolved into a lifestyle brand, partnering with BMW and BAPE [2] - BAYC hosts a festival and is launching a digital world [2] - The industry anticipates further growth of 1000x in the NFT space through creator and community alignment [2]

NFT Market Overview - Token2049 新加坡活动备受关注，行业等待多年 [1] - NFT 领域仍存希望，但网络效应是关键 [1] Key Participants - Gareth Jenkinson 参与了与 @ysiu @farokh @crownmax 和 @rogozov 的关于 NFT 现状的讨论 [1]

Stablecoin Market - Tether (USDT) 在 Solana 链上的供应量首次超过 20 亿美元 [1] - 行业正在重塑，USDT 等具有明确效用和强大网络效应的资产具有实际价值，每个新参与者都会增加整体价值 [1] - 其他稳定币发行商正在寻求类似的效用，旨在挑战 USDT 的地位，其背后的策略将变得越来越有趣 [1]

Financial Discussion - The report questions whether $100 million (100 million 美元) constitutes strong network effects and a store of value (SoV) moat [1]

L2 Adoption & Network Effects - Companies like Coinbase, Sony, Alibaba, Deutsche Bank, Robinhood & OpenAI have leveraged Layer 2 solutions (L2s) to create powerful network effects [1] - Setting up an L2 is crucial for benefiting from these network effects [1] - There is a high probability that the mentioned companies will establish their own L2s [1] L2 Benefits - L2s offer benefits beyond network effects, including settling on ETH L1, high customizability, and an attractive business model [1] - Base is generating approximately $80 million in annual revenue, indicating the potential of the L2 business model [1] ETH L1 Role - ETH L1 is positioned as the base layer of trust for the onchain economy [2]