In the long term, the valuation of the crypto market is fundamentally irrelevant. The underlying logic of crypto assets has remained unchanged through multiple cycles: As long as enough people believe in them, they have value. Any valuation based on traditional business logic is self-deception. The market’s惯性 investment strategy of assigning high valuations to assets with solid fundamentals and revenue-generating capabilities follows the logic of traditional stock markets—but in the crypto market, this logic is completely inverted. Because in crypto, a high price itself is the most fundamental reality. The core essence of the crypto market is to create assets out of thin air and inject them with liquidity and belief. Once a project is hyped to extreme heights, it can leverage its inflated market cap to attract top-tier developers, acquire other projects, fund liquidity incentives, list on all major CEXs, and rapidly generate ecosystem resources for the next several years—entirely out of thin air. Conversely, projects with extremely low valuations and solid fundamentals are mostly forgotten due to their lack of wealth-creation potential, eventually losing all liquidity. The crypto market has no delisting mechanism or physical asset liquidation process. Theoretically, every project is continuously diluted by an endless influx of new tokens. For a project to survive long-term, there are only two paths: become an absolute, decentralized consensus asset like Bitcoin—digital gold—such as DOGE and XRP; or, like ETH, become an extremely greedy, well-connected, and highly skilled interest group adept at manipulation and creating new narratives—such as L2s, ordinals, and RWA. Neither of these two paths has anything to do with so-called fundamentals or valuation. In reality, all blue-chip projects in the crypto market continuously pay exorbitant attention-maintenance costs to sustain their extraordinarily high virtual market caps—and maintaining a top-tier virtual market cap itself is a form of attention maintenance. This is the true underlying flywheel of crypto assets.