Previously, when doing investment research through airdrops, my basic principle was to avoid Chinese projects and prioritize Western teams. Then last year, Aster emerged, unexpectedly defeating the established players. Who said Chinese teams couldn't do it? They delivered two powerful blows. This made me wonder: it wasn't that Chinese teams lacked vision, but rather that Perps' fee-based business model inherently required high FDV (Fulfilled Transaction Value) to feed the community and sustain operations in Seasons 2 and 3, allowing them to continue collecting fees. Then Lighter launched airdrops—a truly grand gesture. Their zero-fee model distributed ten to a hundred times more airdrops to the community than those shameless fee-collecting schemes, and they still have a large number of loyal users. ✅ The facts prove that the most important thing in investment research is character and ethics. Nothing else. You might think that for a project to continue operating, it needs to feed its initial user base, but it turns out they only need to cash in on the first wave to make their money off models and yachts. The harder you work, the more unfortunate you become. It's pitiful for us hardworking "bargain hunters"—we feel uncomfortable just sitting around doing nothing, always looking for projects to continue exploiting. Now it seems that being able to let go during a bear market, being able to rationally lie low, is true wisdom. Written on March 31st