Some things do require a longer time horizon to see through clearly.

Looking back at last year's rhythm, it was very steady. First tackle those difficult but necessary foundational issues, solidify the basics before discussing expansion and narratives. This order is very important.

The liquidity pathway for Bitcoin native assets has finally found a feasible route, and privacy features have also completed their identity transformation—no longer just high-level operations that only a few can afford, but being built as core capabilities at the protocol layer.

On its own, these improvements may not seem exciting. But when combined, they point to something deeper. Do you have this feeling—projects that truly get things done often find their final winning move precisely in these seemingly insignificant foundational innovations.