This is a Chinese translation of @protocol_fx's latest article. In short: 1️⃣ AI will rapidly commoditize all "formalizable and replicable" P-type problem products, and execution capabilities will no longer be scarce. 2️⃣ The truly long-term value lies in NP-hard problems—involving the underlying architecture of market structure, mechanism design, systemic risk, and complex game theory. 3️⃣ In the agent economy era, the winner will not be the protocol with the strongest narrative, but the mathematically most robust system capable of surviving in adversarial markets. $fxUSD, having withstood the test of the market, will be an important component of agent payments. twitter.com/taowang1/status/20...

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