#Trading Insights from Xi Ye: The Underlying Truth of On-Chain Liquidity Many people always ask: Which chain should I play on? SOL? BASE? BSC? But what they should really ask is: Where is the capital flow, where is the on-chain activity, that's where the market makers are. The first thing to understand: On-chain liquidity is king. So-called hot money - users - activity, these three are interconnected. Wherever you see a chain with new projects, new topics, and new funds every day, there's definitely a group of people already planning and setting up. The market makers don't care which chain is more advanced or has higher TPS; they only care about one thing: Where is the money, where are the people, where am I. The second point: The Solana community atmosphere is truly unique. This is undisputable. Although $SOL faced early controversies, it successfully created a closed loop of hot money + community culture through MEME and narrative. The third point, which many get wrong: Large on-chain funds are not actually brought by the crypto community, but by Web2 capital. Whether it's L3 on Base or memecoin on Solana, it's essentially a collaborative approach of offline hot money + Web2 channels + community stories. The crypto community's inherent narrative can only drive two things: extreme speculation (like MEME) or extreme early-stage projects (like L2, Infra). The rest basically relies on offline momentum. So don't get trapped by the word "chain" itself. The chain is just a channel; liquidity and community structure are the steering wheel.