As Bitcoin has recently returned to $71,000, the Bitcoin ecosystem has once again attracted widespread attention in the crypto market. Tonight, ChainCatcher and several guests jointly held a Space roundtable event on "Bitcoin Ecosystem Outlook". We were fortunate to invite Charlie, Marketing Director of OKLink, Lockie, Product Director of Matrixport, YC, COO of BounceBit, and Dr. Chen, Research Director of CKB Ecological Fund, to share their outlook on the future of Bitcoin ecology and discuss market trends and potential development opportunities. The following is a condensed version of the core views:
ChainCatcher: Each of the guests has made their own layouts in different fields around the different directions of the Bitcoin ecosystem. So how did you enter the Bitcoin ecosystem, and what core businesses have you built so far?
Charlie ( Marketing Director of OKLink ) : As a multi-chain aggregation browser, OKLink currently supports 44 mainstream blockchain networks, such as Bitcoin, EVM, Polygon, Solana, etc. OKLink provides one-stop blockchain data services, including transaction query, token authorization management, exchange reserve query, address monitoring and balance query. In addition, OKLink also has a special data area, which allows users to quickly obtain summary information on hot topics in the blockchain industry. At the same time, it also provides developers with comprehensive API services. Through OKLink, users and developers can efficiently and conveniently obtain and use blockchain data.
As early as ten years ago, when OKLink started to build the on-chain data infrastructure, it had received strong requests from users to support the BTC ecosystem. So after the accumulation of time, OKLink's BTC browser can be said to be the most comprehensive in the entire chain. In addition to basic transaction, wallet and other data, users can also find more key data about inscriptions through the drop-down menu on the right side of the OKLink BTC browser www.OKLink.com/zh-hans/btc. Currently, Runes, BRC-20, ARC-20, SRC-20, BRC20-S and Ordinals NFT are supported.
In April, we presented a detailed BTC halving topic. In addition, if you want to know the large amount of data happening on the chain, you can select Bitcoin in the data broadcast page.
In the data dashboard, there are also various statistical charts waiting for you to explore, such as BTC mining difficulty, full node data, etc. These charts provide a one-click generation button to help you easily forward to other social platforms or save CSV.
In the drop-down list of the Bitcoin browser, users can also view information such as wealthy addresses and lightning network nodes.
Lockie ( Product Director of Matrixport ): Matrixport is currently the largest one-stop crypto financial service platform in Asia, meeting users' needs for digital asset management, wealth appreciation, lending, trading, institutional custody, etc., with an asset management scale of over US$6 billion.
As a one-stop financial service platform, it is difficult for Matrixport to directly participate in the construction of BTC on-chain ecological projects. However, as a "matrix port" between on-chain ecology and off-chain ecology, we are more focused on the development of BTC itself and its ecologically related assets to provide different products and financial application scenarios to meet the asset management and value-added needs of different types of users in the ecosystem.
If you are a firm BTC holder and are optimistic about its future in the long term, Matrixport provides you with a safe and professional platform. Our Cactus licensed custody service provides top-level security, has custody of a large number of assets and serves many institutional clients. In addition to storage, we also provide OTC Desk for professional over-the-counter transactions, allowing you to easily deposit fiat currency to increase your BTC holdings.
For customers who pursue currency-based appreciation, we provide a variety of financial products, such as fixed income, current account, arbitrage strategies, etc., to help you achieve stable appreciation. If you want to pursue higher returns and are willing to take certain risks, you can also try BTC dual currency, snowball, strategic investment, fixed investment and other diversified investment tools.
Matrixport not only provides products, but also focuses on risk control and strategy matching. We integrate different trading tools and risk control strategies to provide customers with one-stop services. Users only need to operate with one click on the APP, and leave the rest to us. We fulfill the contract and pay according to the product rules to help users avoid irrational operations and liquidation risks caused by market fluctuations.
It is particularly worth mentioning that our "strategic investment" products are very popular and growing rapidly. There are currently 12 BTC investment strategies, among which the best-performing market neutral strategy has a return of 15%+ in 272 days and an annualized return of 20%. This means that even if you hold coins in a bull market and wait for them to rise, you can achieve higher value-added through strategic investment.
We look forward to working with more partners with trading talents or excellent strategy teams to contribute to the BTC ecosystem and provide more choices and wealth appreciation opportunities for coin holders.
YC ( COO Bouncebit) : Bouncebit is a BTC-based re-staking infrastructure platform that combines the characteristics of CeFi (centralized finance) and DeFi (decentralized finance). We provide users with BTC-based currency-based returns, with an annualized rate of return between 5% and 15%, depending on the market funding rate.
In addition to basic income, Bouncebit also provides staking services. Users can stake Bitcoin to our Layer 1 blockchain to obtain node income. At the same time, users can also bridge the staked assets (such as LSD) to other ecosystems (such as zk-link) to obtain more DeFi income, such as points, etc.
Although Bouncebit has no direct connection with inscriptions and Layer 2 technology, the prosperity of the Bitcoin ecosystem is indeed closely related to the passage of ETFs, the rise of inscriptions, and the popularity of Layer 2 technology.
In the past few months, Bouncebit has focused on building its own Layer 1 blockchain. Unlike other public chains, Bouncebit's chain uses Bitcoin to maintain its security, thus bringing new ways of empowering Bitcoin. Users can obtain node income and quantitative income without staking Bitcoin or Bouncebit's native tokens.
Since its operation at the end of January this year, Bouncebit's highest TVL (total locked value) has reached more than 1 billion US dollars. Among them, more than half (about 400 to 500 million US dollars) of the funds were used for quantitative arbitrage, bringing users more than 10 million US dollars in B-standard income. This shows Bouncebit's ability to provide users with stable and high-return investment opportunities.
Dr. Chen ( Head of Research, CKB Eco Fund ): Currently, I mainly serve CKb Eco Fund and its research team. The research team of CKb Eco Fund focuses on strategic investment, grants and technical support for hackathon developers in the CKb ecosystem. CKb, a PoW public chain based on the UTXO model released in 2019, transformed into a Layer 2 solution for BTC at the end of last year. Its core is built on CKB. As a smart contract platform in the UTXO model, CKB is highly structurally isomorphic to Bitcoin.
Based on the UTXO characteristics of CKB, the research team proposed the concept of RGB++, which aims to bind UTXO assets to CKB or other UTXO public chains without the need for cross-chain bridges. This innovative technology further promotes the development of the CKB ecosystem by defining the concept of isomorphic binding and provides a new solution for the safe and efficient circulation of assets.
Since its launch at the end of 2019, CKB has adhered to the POW and UTXO models and is committed to building a pan-Bitcoin ecosystem that emphasizes privacy, on-chain verification, and decentralization. The CKB team works closely with Ethereum, but sticks to the core concepts of POW and UTXO, believing that they provide an indestructible foundation for the crypto economy. CKB's Cell model is an extension of UTXO, which implements smart contract functions while retaining the advantages of UTXO.
Earlier this year, CKB entered the BTC ecosystem through the RGB++ protocol, which can synchronize BTC and CKB assets without a cross-chain bridge, with POW ensuring security and supporting client verification. RGB++ also plans to build a lightning network on CKB to improve transaction speed and security.
CKB has built infrastructure including wallets and NFT protocols based on RGB++, aiming to explore more ecological possibilities based on Bitcoin and UTXO, including UTXO swap, Nostr binding protocol, etc., to promote the development of decentralized applications.
ChainCatcher: How is the market volatility after Bitcoin halving different from the past? What research and observations does OKLink and Matrixport have on this?
Charlie ( Marketing Director of OKLink ) : According to the analysis of OKG Research, with the continued growth of the Bitcoin ecosystem since 2023, the activity of the Bitcoin network is very different from that of the last halving, and the proportion of transaction fees in miners' income is also steadily increasing.
Even though most of the time, the main part of miners’ income still comes from block rewards, the popularity brought by runes after this halving may not be able to be maintained for a long time, but the short-lived scene it created at least proves that without considering block rewards, the increase in transaction fees brought by Bitcoin chain activities is theoretically enough to generate sustained positive incentives for the miner group.
If we want this to continue, the prerequisite is that the on-chain activities are active enough and that users are willing to pay considerable fees for these activities. In the past, Bitcoin transactions for the purpose of payment transfer alone were obviously not enough to make up for the income gap of miners caused by halving, so more on-chain applications like Bitcoin Runes that can attract market attention and create incremental value are needed. Only when these innovations with traffic and value continue to emerge and the activity of the Bitcoin ecosystem continues to increase, can different groups including miners, users and institutions gain something.
From this perspective, we believe that Bitcoin halving will promote the development of the Bitcoin chain ecosystem to some extent, and may become a "catalyst" for accelerating ecological innovation. However, as the Bitcoin ecosystem continues to prosper, the impact of Bitcoin halving on the market will become smaller and smaller in the future. Although we will still pay attention to halving, it may only become a landmark event that indicates a change in the cycle, rather than a key factor affecting price trends.
According to the OKLink BTC data dashboard, the market situation of the fourth halving (April 20, 2024) is more interesting and complicated. One month before the halving, the price of the coin reached a recent high of 71,000 US dollars. This may put more pressure on the price to rise after the halving. But it is worth mentioning that the time point of the significant increase in daily transaction volume during this halving came earlier than the previous halvings. Starting from one month before the halving, the average daily transaction volume remained above 400,000, and returned to the peak of 580,000 on the day of the halving. This may indicate that the market has high expectations for the time of this halving.
After four halvings, the block reward dropped to 3.125 BTC again. According to OKLink miner income data, the total income of miners usually decreases after halving, but it continues to rise afterwards, because miners' income includes transaction fees in addition to block rewards. Due to the sharp increase in transaction volume in the market before and after the halving, miners get more fees. Generally speaking, block rewards are much higher than transaction fees. During this halving, the transaction fees received by miners exceeded block rewards for the first time, reaching 70% of total income.
Lockie ( Product Director of Matrixport ): BTC's market share remains around 54%, and its price fluctuations do affect the hearts of the majority of coin holders, just as our analysts said - "Bitcoin is never boring". In particular, this BTC halving did not bring about a rapid rise in prices like the previous halving cycles, but instead entered a correction and consolidation cycle. Before the BTC halving, 3.5 reached a record high of 69,000 for the first time, and 3.14 reached 73,000, but three consecutive attempts to break through failed. Then it pulled back and consolidated all the way, once falling below 57,000. We analyzed that the reasons behind this may be related to the unfavorable macro environment and the decline in expectations for interest rate cuts. After the release of positive macro data this week, it quickly returned to 70,000.
In addition to the increase in BTC transaction fees due to the halving that Charlie just introduced, we think that the biggest external change factor for this halving compared to the past is the BTC ETF’s continued net inflow of funds through the big background. So far, the BTC ETF has a net inflow of 307 million per day, with total assets of 58.7 billion, a net inflow for 7 consecutive days, and a cumulative net inflow of 12.867 billion. After that, with the halving of BTC production supply, the continuous net inflow of ETFs, and the positive trend of macro data, these will be the key variables affecting the supply and demand relationship of Bitcoin. Each halving cycle is essentially a process of breaking the old balance and looking for a new balance.
We in the industry usually pay close attention to specific crypto events such as halving and upgrades. The BTC halving is indeed like an industry event that attracts enough attention, discussion and traffic from outside the industry every time. The number of Bitcoin holding addresses will also increase accordingly. Within 150 days after the halving, the number of newly created Bitcoin addresses increased by 83%, 101% and 11% respectively. From this perspective, the halving does have a positive impact on the BTC price, and the impact is gradually weakening, after all, the proportion of unmined Bitcoin is getting smaller and smaller.
Therefore, we would like to emphasize that we should pay more attention to several key factors that affect traditional financial assets, such as economic growth, US dollar liquidity, and inflation, which have become the key driving factors of BTC prices and have been confirmed time and time again. Especially since the last round of bull market, when traditional financial institutions rushed into the market, and the spot ETF was approved at the beginning of this year, more and more traditional financial players have entered the market, and the amount of funds has increased. Therefore, we believe that the impact of these macroeconomic data on BTC asset prices will only become greater and more significant.
In addition, we have also made some observations from the perspective of BTC return rate after halving, which can be shared here. From the perspective of the maximum increase in the cycle after halving: the first halving in 12 years, BTC increased by more than 100 times; the second halving was 41 times, and the third was less than 7 times. If the fourth halving is 3 times, the corresponding highest price is 190,000, and the reference price at the time of halving is 63.49k.
The average return rate of BTC in the 30 days after halving was 15%, and the increase in this 30 days was 12.56%; the average return rate in the 60 days after halving was 16%. If we stick to the old ways, we can expect to see BTC at 73,000 again.
Of course, this is just an observation angle, but I personally prefer to simply believe in historical experience this time, and believe that BTC will break the previous high again in the next 30 days, opening a new chapter of a new bull market. I remember that there were also many doubts before and after the last halving, and the market was very divided, but since we are in this industry, we always have to believe in something and stick to our own views.
Once the price of the currency reaches a certain high point and reaches a new dynamic balance of supply and demand, as the proportion of ETF holdings increases, the volatility of Bitcoin will gradually decrease.
Matrixport provides many interesting products for you to choose from, such as short-term U-dual currency, bullish snowball, BTC passive enhancement strategy, etc. In the future, we will continue to launch some innovative products to reduce volatility, so stay tuned.
ChainCatcher: The market has different views on BTC and the trend of the crypto market. Can you share your judgment on the future of BTC? And mention the data indicators or major events worth paying attention to?
Charlie ( Marketing Director of OKLink ) : In the long run, I am optimistic about the future of BTC and the cryptocurrency market. The Bitcoin ecosystem has shown significant development and innovation in the past two years. The increase in applications such as inscriptions, runes, Layer 2 technology, lightning networks, and restaking has brought new vitality and possibilities to the cryptocurrency field, and further broadened its application scenarios and market potential.
At the same time, the continuous advancement of technology is also an important factor driving market growth. The emergence of solutions such as Layer 2 and Lightning Network has effectively solved the scalability problem of Bitcoin, improved its transaction speed and capacity, and made it more adaptable to the needs of large-scale applications. In the future, with the further development of technology, Bitcoin is expected to be better integrated with traditional finance and attract more retail and institutional investors to enter the market.
Bitcoin's limited supply and decentralized nature also make it an attractive means of storing value. Against the backdrop of global economic uncertainty, Bitcoin's value-storage characteristics will become more prominent, providing investors with a stable hedging tool.
However, we also need to be aware of some potential risks and challenges. Changes in regulatory policies may have a direct impact on the market, so we need to pay close attention to the dynamics of relevant policies. In addition, the cryptocurrency market is highly volatile, and investors need to have a certain risk tolerance and investment strategy.
In order to gain a deeper understanding of the potential direction of the market, we need to pay attention to some key data indicators. Trading volume is an important indicator that reflects the market's heat and can provide us with intuitive information about market trends. In addition, indicators such as the number of active addresses, trading volume, and the growth of decentralized applications (DApps) can also provide us with information about the actual use and adoption of cryptocurrencies.
Judging from OKLink's browser active address data, the average active address of Bitcoin currently accounts for about 1.43% of the total number of addresses, which is still higher than Ethereum, which is currently around 0.66%. The number of new addresses added by BTC every day has also remained at more than 300,000 from 2016 to the present.
Compared with the number of new addresses in Ethereum (currently only around 110,000), I think the BTC ecosystem is still trustworthy in the long run.
Dr. Chen ( Head of Research, CKB Ecological Fund ): From a long-term perspective, cryptocurrencies (such as BTC and ETH) have the potential to become an important carrier that surpasses the existing consensus mechanism. The evolution of human social consensus has evolved from blood ties to geography to social consensus, and cryptocurrencies represent a new type of digital consensus mechanism. Although the current market is volatile, in the long run, the development prospects of cryptocurrencies are worth being optimistic about.
In the medium term, the development of cryptocurrency should focus on its technology and ecology. The number of active user addresses, the number of applications launched, and whether they can support actual user use are key indicators to measure whether the cryptocurrency ecology is developing healthily. Although BTC has a high market value, it is rarely used for payment and practical applications, which is an area that needs to be improved in the medium term.
In the short term, the cryptocurrency market is affected by many factors, including the approval of ETFs, the US election and other events. These events may have a direct impact on the market, and investors should pay attention to these short-term market dynamics and news.
We are optimistic about the development prospects of cryptocurrencies in the long term. In the medium term, we need to focus on the improvement of technology and ecology, and in the short term, we need to pay attention to the impact of market dynamics and news.
YC ( COO Bouncebit): This round of cryptocurrency market cycle may be extended due to the postponement of the US election and the expected interest rate cut. Currently, although Bitcoin has reached a new high, the market value of stablecoins has not yet reached its previous high, and Altcoin have not yet been significantly active. This may mean that the current market is still dominated by Bitcoin and Ethereum, and new funds may enter the market mainly through ETFs. The key to the future market is how much funds can flow into the Altcoin market, which will affect the performance of the entire market.
Lockie ( Product Director of Matrixport ): I think we can now look at more macroeconomic data and policy impacts, such as inflation, capital liquidity, and whether the ETH ETF can be successfully passed this week. Liquidity indicators include net inflows of BTC ETFs, net inflows of stablecoins, and leveraged funding rates in the derivatives market.
There is also the US election. From historical data, Bitcoin has always performed exceptionally well in US election years, with an average increase of 192%. Coincidentally, the halving, which takes place every four years, coincides with the US election, which takes place every four years. More and more users and institutions hold and pay attention to cryptocurrencies, and crypto's political influence is growing. Candidates will also show a more crypto-friendly image for votes. Both of the two strong contenders in this election have shown an attitude of being close to crypto assets and have taken the initiative to create relevant topics for debate. This will also give rise to more crypto-friendly policies. Regardless of the final result, I believe that the entire process will continue to improve the market awareness of crypto assets.
ChainCatcher: What development directions should Bitcoin ecosystem products focus on in terms of product development?
Dr. Chen ( Head of Research, CKB Ecological Fund ): Although Bitcoin faces many difficulties in its development, it also breeds huge opportunities. First, it must get rid of the constraints of thinking brought by existing models such as Ethereum, especially in terms of smart contracts and account models, and find its own unique development path. Secondly, the technical limitations of Bitcoin, especially the capacity limitations of the scripting language and the security challenges of the decentralized bridge solution, as well as the slow progress of the Lightning Network project, are all problems that need to be solved urgently. At the same time, the lack of breakthrough applications in the Bitcoin ecosystem also limits its further development.
However, it is these challenges that bring unlimited opportunities to Bitcoin. Bitcoin can make full use of the advantages of its UTXO model to explore innovative business models of full-chain games and assets, as well as on-chain verification of off-chain computing. Through full-chain games, unique gaming experiences can be created and more users can be attracted to participate. The circulation and application of full-chain assets will further promote the prosperity of the Bitcoin ecosystem. At the same time, the business model of on-chain verification of off-chain computing will meet the needs of users and the market, injecting new vitality into the development of the Bitcoin ecosystem.
In addition, promoting the development of the Lightning Network with a more open mind is also an important direction for the development of the Bitcoin ecosystem. As a highway for Bitcoin's second-layer assets, the Lightning Network will support the circulation of more assets based on the UTXO model. This will bring more liquidity and application scenarios to the Bitcoin ecosystem. At the same time, encouraging more teams to participate in the construction and acceleration of the Lightning Network will promote its faster and better development.
Finally, based on the P2P spirit and client verification ideas, exploring more new architecture methods is also an important direction for the development of the Bitcoin ecosystem. This will bring more innovation and development opportunities to Bitcoin and promote its continuous development.
YC ( COO Bouncebit) : The development direction of the Bitcoin ecosystem focuses on several key areas. First, it is to improve its scalability, which can be achieved through technologies such as the Lightning Network to increase Bitcoin's transaction speed and capacity. Second, it is to enhance Bitcoin's programmability, such as through technologies such as Smart Contracts, to bring more flexibility and application scenarios to Bitcoin assets. However, our team has chosen a unique direction, which is to focus on the revolution of asset efficiency.
We firmly believe that Bitcoin is an asset story, not just a technology innovation. Therefore, our goal is to bring more flexibility and added benefits to Bitcoin assets, rather than just developing new applications on the Bitcoin chain. This positioning makes us different from other projects.
A significant difference between the Bitcoin ecosystem and the Ethereum ecosystem is that the Bitcoin ecosystem is more based on centralized finance (CeFi). In the Bitcoin ecosystem, lending, interest-bearing, and mining machine loans are often completed offline and within exchanges. This situation is unlikely to be completely replaced by technology in the short term, because projects such as WBTC (Wrapped Bitcoin), despite their long existence, still have a market value far less than 1% of Bitcoin itself.
From the perspective of staking, Ethereum has a native Proof of Stake (PoS) mechanism that allows users to earn income by staking Ethereum. As a token of Proof of Work (PoW), Bitcoin has a different staking method. Currently in the market, except for a few projects such as Bouncebit that can provide interest for BTC through CeDeFi, other BTC staking projects often rely on token inflation or other means. This has led to a situation of oversupply in the staking market, bringing challenges to the re-staking of Bitcoin and Ethereum.
ChainCatcher: In the Bitcoin ecosystem, project development often encounters market pain points . Please share your solutions to these pain points and briefly describe the main direction and layout of the Bitcoin ecosystem in the future.
Charlie ( Marketing Director of OKLink ) : The market faces three major pain points when facing the Bitcoin ecosystem: high entry barriers, frequent fraud on the chain, and opaque investment logic. To address these issues, we provide the OKLink solution.
OKLink aggregates data from the entire network, supports 44 public chains, and covers a wide range of data dimensions, including NFTs, tokens, and various protocols. We encourage users to not only pay attention to the arrival of funds, but also to have a deep understanding of the logic behind the transaction. By viewing large transactions, analyzing trader behavior, and tracking historical transactions, users can gain insight into investment opportunities and refer to the investment strategies of whale accounts.
In order to improve user experience and acquisition efficiency, we provide a variety of integrated data analysis tools, such as large-amount broadcasts, real-time gas fee statistics, and on-chain indicator statistics. These tools display data intuitively in the form of charts, and users can easily pull timelines and apply different filters to quickly capture key information.
In terms of security, we remind users to stay rational and not be too greedy. At the same time, we also provide tools to help users check the authorization status of APP or token, and allow users to revoke risky authorization. In addition, we also pay attention to and mark addresses that may be related to hacking or theft, to help users be more vigilant and reduce the risk of being deceived.
OKLink is committed to providing users with comprehensive, accurate and timely Bitcoin ecosystem data and analysis tools to help users better understand and grasp investment opportunities, while paying attention to user security and experience.
Dr. Chen ( Head of Research, CKB Ecosystem Fund ): We do face many challenges in developing the BTC L2 ecosystem project that we focus on. First of all, in addition to the four major challenges mentioned above, as an Eastern team, we also need to deal with the doubts and stereotypes that the market may have about Eastern teams. Such doubts and stereotypes affect our acceptance in the global market and make it more difficult for us to transform excellent technical concepts into actual products.
As CKB ECO FUND, we have developed a detailed action plan. In terms of technology, we will continue to advance the improvement of RGB++, especially the completion of the second +, and the development of the lightning network. At the same time, we plan to complete the testing and launch of UTXO Stack and the testing and deployment of CKB Lightning Network in Q3 and Q4. In addition, we will also carry out isomorphic binding work of Nostr to realize social payment and further expand the ecosystem.
In terms of Eco Fund, we have successfully introduced high-quality projects such as World3 of matrix lab in Q2. Next, in Q3, we will open grants for the Eco Fund to encourage more developers and projects to deploy on CKB, especially in the UTXO-based BTC L2 ecosystem.
We will also take active actions in marketing. Starting from the end of this month, we will arrange intensive schedules to attend various academic and industry conferences and visit developer communities and investors. We hope to establish closer connections and cooperation with more users, developers, project parties and VCs to jointly promote the prosperity and development of the BTC L2 ecosystem.
Lockie ( Product Director of Matrixport ): Our next direction may not be to make too many moves in BTC technology innovation. We will focus more on whether there are phenomenal innovations and cooperation opportunities that can bring some different benefits to our users. We are more of an ecological service provider, starting from customer needs. Our layout is mainly divided into two parts:
We realize that as the popularity of crypto assets increases, BTC halving, ETFs, NFTs in the BTC ecosystem, etc. will make BTC more popular, and the industry will welcome more new customers to enter the industry. We have also recently received feedback from some new users that they don’t know what products and strategies to choose after registration, what kind of products are most suitable for their investment needs, etc. Therefore, how to serve new users well and help them enter the ecosystem, do a good job in user education and user growth, and balance the differentiated needs of new and old users is an important responsibility and obligation of us as the "matrix port" of crypto-addition.
We have launched a "Newbie Gift Pack" that includes red envelopes, interest rate coupons, and experience money. Through these coupons, we guide users to get started with products that are low-risk, easy to operate, and have stable returns, and then structured products.
After all, trading is the most essential need of users. However, newcomers often lack theoretical and practical foundations, have not yet formed their own investment logic, and are easily affected by FOMO emotions, chasing ups and downs. We hope that Matrixport's strategic investment products can help users better realize asset appreciation. Public strategies can help users select and discover excellent strategies and teams to entrust investment, and let professionals manage the funds. Private domain strategies can also allow users with relatively rich trading experience to play with a small circle of friends who have just entered the industry, and trade and make money together based on trust. From the recent data and performance of the product, it can be seen that it has indeed solved the pain points of users in this regard. The market in the past six months has helped the strategy team, customers and platforms make money and achieved a win-win situation. Next, we will continue to invest in this product to optimize the user experience and enrich product functions.
ChainCatcher: Thank you to all the guests tonight for their wonderful sharing and in-depth insights, which have given us a deeper understanding of Bitcoin and its ecosystem. At the same time, thank you to all the listeners for your active participation. I hope you have found your own direction in tonight's discussion.
