In 2026, I think there's a very high probability that major developments will occur in the Perp + predicted track + US stock market blockchain sector. For Perp, I'm optimistic about Standx, Grvt, and Var. I'm optimistic about Opioion. I'm extremely optimistic about the ZK track for a16z. Frankly, without a wealth-creating effect, it's still very difficult. Brevis is the most obvious example; it's a rising star in the ZK track, but its pre-market valuation is only $400 million, which is incomparable to Perp. Stablecoin protocols + public chains are a popular track, but the wealth-creating effect is not strong. 2026 will definitely be much more difficult than 2025.