If you've been in the crypto market long enough, you will definitely have a clear feeling: this market is not short of opportunities; what is lacking is the ability to 'retain' those opportunities.
Many people seem to have grasped a lot of hotspots after a round of market trends, but their accounts remain stagnant. The reason is not complicated—often the money earned is quickly lost again at an even faster rate.
This is not about the ineffectiveness of technical analysis, nor is it a lack of information, but rather a more fundamental issue:
Most people have never truly managed 'assets' as assets.
In an emotionally driven market, speculation can mask structural problems;
But when the market enters a period of turbulence or even decline, all unreasonable structures will be amplified.
You will find that what truly makes people collapse is not a single crash, but participation without any buffer mechanisms, without diversification, and without strategic combinations.
It is precisely at this stage that I began to pay more attention to the direction of 'on-chain asset management'.
Because no matter how the market changes, one thing is certain:
Funds will ultimately flow to more professional, more stable, and more sustainable management methods.
In this direction, \u003cm-22/\u003e is an unavoidable name.
It is not noisy, nor does it rely on sensational narratives to gain attention, but it attempts to solve precisely the most fundamental and easily overlooked issues in the crypto market—where returns come from and how risks should be managed.
In the past few years, the DeFi world has experienced extreme returns euphoria.
High annualized returns, liquidity mining, and overlapping incentives—all of it looks beautiful.
But when you calmly break it down, you will find that many so-called 'returns' do not come from real trading capabilities, but from subsidies, inflation, and capital games.
This model is like using credit cards to cash out to maintain living standards; in the short term, there is no problem, but in the long term, it will inevitably collapse.
Lorenzo's thinking is precisely the opposite.
It does not rush to tell you 'how much you can earn', but first answers a more important question:
How is money making money?
This is also the core logic behind its proposal for OTF (On-Chain Traded Funds).
OTF is essentially a tokenized version of the 'on-chain fund structure'. You deposit funds into the treasury, and the system will allocate the funds to various strategy modules according to established rules, including quantitative trading, managed futures, volatility strategies, structured income products, etc.
Ultimately, the results generated by the strategy are reflected in the net asset value changes of the OTF tokens, and what you hold is the right to the entire strategy portfolio's returns.
Understanding from a different perspective:
You are no longer betting on a specific project or a specific emotion, but holding a share of a complete asset management solution.
The value of this plan does not depend on whether the market goes up today, but on whether it has survival ability in different environments.
The greatest significance of this structure lies in three points.
First, the logic of returns is clear.
You can clearly know where the returns come from—whether it is from trends, volatility, arbitrage, or structured design, rather than a vague 'protocol returns'.
Second, risks are dissected and isolated.
Different strategies are packaged in different modules, just like ship compartments. Some strategies take on pressure and will not instantly drag down the overall performance; this is the most basic and important design in professional asset management.
Third, assets possess combinability.
OTF tokens are not just certificates of 'holding and waiting for appreciation', but tools that can participate in other DeFi scenarios. This allows assets to evolve from static holding to reusable financial components.
In my view, this is the direction that on-chain finance should truly take.
It is not a simple replication of traditional finance, but rather a combination of the 'most mature parts' of traditional finance with the transparency and efficiency of blockchain.
And within this system, \u003cc-6/\u003e plays a very crucial role.
It is not merely a speculative target, but a core tool connecting governance and value.
Through the locking mechanism, long-term participants can gain governance rights and participate in key decisions of the protocol. This design essentially filters those who truly want to be long-term bound to the system, rather than just speculators looking at short-term fluctuations.
When the governance rights of a protocol gradually concentrate in the hands of long-term participants, its behavior patterns will naturally tend to be more stable and sustainable, rather than constantly taking risks for short-term hype.
This is also where I think Lorenzo is very anti-crypto in 'temperament', yet very correct.
Of course, it must be acknowledged that on-chain asset management is not an easy path.
The complexity of strategy execution, contract security requirements, cross-market coordination, and user understanding costs are all real challenges.
But truly valuable things are often not easy.
If anyone can do something, then it is highly likely that it cannot form a real barrier.
From a longer time dimension, I am increasingly convinced of one thing:
As the crypto market matures, speculative space will be continuously compressed, while professional capabilities will become increasingly valuable.
Emotions can create volatility, but only structure can carry value.
Ultimately, what remains will not be the projects that tell the best stories, but the systems that manage money best and respect risk the most.
So I am not in a hurry to ask Lorenzo 'when it will explode'.
For me, the more important question is:
Is it building a set of asset management structures that can traverse cycles?
Are you treating returns and risks in the right way?
Are you preparing for a more mature funding environment in the future?
At least for now, it seems to be on a difficult but correct path.
When the next cycle arrives, the market will definitely make noise again.
But what truly determines your position is often what choices you made during quiet times.
Are you continuing to chase short-term stimulation, or are you starting to establish a structure for assets?
This choice has no right or wrong, just different paths.
As for me, I choose to continue focusing on projects that are preparing for the 'long term'.
\u003cm-177/\u003e \u003ct-179/\u003e \u003cc-181/\u003e
