在昨天的文章中，我表达了以下观点：

在加密生态系统投资中，以实现长期，连续和稳定的回报

Yesterday, I shared an optimistic outlook on crypto ecosystem investments, highlighting the importance of projects that can consistently generate long-term, continuous, and stable cash flow.

昨天，我对加密生态系统投资有了乐观的看法，强调了能够始终产生长期，连续和稳定的现金流量的项目的重要性。

This perspective sparked interesting reactions, leading me to further elaborate on this crucial aspect of crypto investing.

这种观点引发了有趣的反应，这使我进一步阐述了加密投资的这一关键方面。

Some investors prefer focusing solely on Bitcoin, an approach that certainly minimizes the need for analyzing cash flow.

一些投资者更喜欢专注于比特币，这种方法当然可以最大程度地减少分析现金流的需求。

However, I personally prefer a more diversified investment strategy, much like comparing investing in gold to investing in stocks or equity.

但是，我个人更喜欢一种更加多元化的投资策略，就像将黄金投资与投资股票或股权进行比较。

While both can be viable, I believe a portfolio can benefit from a mix of investment classes.

尽管两者都可以可行，但我相信投资组合可以从投资班级中受益。

My primary energy and attention will be directed towards projects capable of yielding continuous returns.

我的主要能量和关注将指向能够产生连续回报的项目。

In contrast, investing in Bitcoin requires minimal thought or time, and one could even hold it for a lifetime without management.

相比之下，投资比特币需要最少的思考或时间，甚至可以在没有管理层的情况下将其持续一生。

This difference in maintenance and attention spans is a significant factor in my preference for projects with ongoing revenue streams.

维护和注意力跨度的这种差异是我偏爱持续收入来源的项目的重要因素。

In the words of Munger and Duan Yongping, they often say that when looking at something, it is often difficult for us to judge what is good or what is right, but conversely, it is relatively easy for us to judge what is bad or what is wrong.

用芒格（Munger）和杜恩（Duan Yongping）的话说，他们经常说，当看某物时，我们通常很难判断什么是好是什么，但是相反，我们相对容易判断什么是坏事或错。

This method can also be used to evaluate crypto projects.

此方法也可以用于评估加密项目。

In the crypto ecosystem, we may find it difficult to determine what a project with long-term, continuous, and stable cash flow looks like, but we can see what a project would look like if it lacks long-term, continuous, and stable cash flow.

在加密生态系统中，我们可能会发现很难确定一个长期，连续且稳定的现金流量的项目，但是如果该项目缺乏长期，连续和稳定的现金流，我们可以看到一个项目的样子。

Take Ethereum as an example. In this market cycle, without a strong new ecosystem emerging, and the existing ecosystem failing to generate sufficiently strong and sustainable returns, Ethereum's price has continued to languish. Even when there is a brief surge, it is purely driven by sentiment, lasting for a short time and lacking strength.

以以太坊为例。在这个市场周期中，没有强大的新生态系统出现，现有的生态系统未能产生足够的强大和可持续的回报，以太坊的价格继续努力。即使有短暂的激增，它纯粹是由情绪驱动的，持续了很短的时间，缺乏力量。

As for Solana, recently, as the sentiment around meme coins gradually fades and no other ecosystems can take over to generate sufficiently strong returns and appeal, its price has also begun to decline.

至于索拉纳（Solana），最近，随着模因硬币的情绪逐渐消失，没有其他生态系统可以接管获得足够强大的回报和吸引力，其价格也开始下降。

The main chain is like this, and layer two expansions also struggle to stand alone: Ethereum's once-popular layer two expansion, Scroll, received a total of $1.8 billion in venture capital during its funding phase, but now its token's FDV market cap is less than $400 million.

主链就是这样，第二层的扩展也很难独自一人：以太坊曾经受欢迎的第二层扩展，滚动，在其融资阶段获得了18亿美元的风险投资，但现在其代币的FDV市值不到4亿美元。

There are many reasons for their price decline, but in my view, they can ultimately be attributed to one point: the lack of long-term, continuous, and stable ecological returns, which leads to the project tokens' prices either languishing continuously or experiencing only moments of glory.

其价格下降的原因有很多，但我认为，他们最终可以归因于一个点：缺乏长期，连续且稳定的生态回报，这导致该项目的价格使人的价格持续不断或仅体验到荣耀的时刻。

I remember that in a previous article, I once wrote about analyzing some well-known DeFi projects today using traditional publicly listed company analysis methods, such as AAVE, whose token prices are significantly overvalued.

我记得在上一篇文章中，我曾经写过有关使用传统公开列出的公司分析方法（例如AAVE）分析一些著名的Defi项目的文章，例如AAVE，其代币价格大大被高估了。

At that time, some believed that crypto projects should have such high valuations and that traditional analysis methods do not apply to crypto projects.

当时，一些人认为加密项目应该具有如此高的估值，并且传统的分析方法不适用于加密项目。

In fact, I think this is self-deception; analysis methods are not defined by whether they are traditional or not; they should be the same in any field and should return to simple common sense: Can it generate value? Can it produce continuous cash flow?

实际上，我认为这是自欺欺人的。分析方法不是由传统的定义。它们在任何领域都应相同，应该返回简单的常识：它可以产生价值吗？它可以产生连续的现金流吗？

If investors continue to deceive themselves, believing that emotional value can replace the continuous cash flow value brought by real services and products when evaluating a project token, such "investments" will eventually fall into a pit. Once the tide recedes, they will inevitably be exposed.

如果投资者继续欺骗自己，认为情感价值可以替代评估代币项目时，实际服务和产品带来的持续现金流价值，这种“投资”最终将落入一个坑中。一旦潮汐退缩，它们将不可避免地暴露出来。

Let’s look at these well-known DeFi projects; which of their token prices has reached the historical peak set several years ago? This is the most genuine response from the market.

让我们看一下这些著名的Defi项目；几年前，他们的哪个代币价格已达到历史峰值？这是市场中最真实的回应。

Now, looking back at these projects, from their inception to now, unless one can accurately judge the ups and downs of emotional value and precisely achieve high selling and low buying, otherwise, they will basically incur losses.

现在，回顾这些项目从成立到现在，除非人们可以准确地判断情感价值的起伏，并精确地实现高销售和低购买，否则，它们基本上会蒙受损失。

Of course, if these projects find strong profit growth points in the future and can generate real cash flow like Nvidia or Apple, then not only can their token prices reach new highs, but creating miracles is also possible.

当然，如果这些项目在未来找到强大的利润增长点并可以产生像Nvidia或Apple这样的真实现金流，那么它们的代币价格不仅可以达到新的高点，而且还可以创造奇迹。

However, some projects have already begun to recognize this common-sense issue and are trying various methods to solve it.

但是，一些项目已经开始认识到这个常识性问题，并正在尝试各种方法来解决它。

The earlier movers were MakerDAO, and recently AAVE has been quite active.

较早的搬家是Makerdao，最近AAVE非常活跃。

They are doing the same thing: trying to expand their business into the RWA field, striving to substantively increase revenue and generate more value.

他们正在做同样的事情：试图将业务扩展到RWA领域，努力大大增加收入并产生更多的价值。

Whether their expansion into the RWA field is appropriate and whether their various practices in this process are reasonable is set aside for now.

现在，它们是否适当地扩展RWA领域，以及在此过程中合理的各种实践是否暂时搁置。

But their direction of effort is definitely correct.

但是他们的努力方向绝对是正确的。

In Duan Yongping's words, they are "doing the right thing." As for whether they are "doing things right," that remains to be seen.

用Duan Yonging的话来说，他们“做正确的事”。至于他们是否“做正确的事”，还有待观察。

But I believe that as long as they persist in "doing the right thing," this exploration is valuable.

但是我相信，只要他们坚持“做正确的事”，这种探索都是有价值的。

The project parties are returning to common sense, and as investors, we should also return to common

项目各方正在恢复常识，作为投资者，我们还应该返回共同