Source: Uweb Live Course Episode 187
Content Organization: Peter_Techub News
Disclaimer: The content of this article is for learning and sharing purposes only and does not constitute any investment advice.
On the evening of September 9, 2025, Uweb's 187th live class invited Meng Yan, the proposer of the token concept and co-founder of Solv, to engage in an in-depth dialogue with Uweb's principal, Yu Jianing. Teacher Meng Yan has just returned from a deep research trip to Silicon Valley, bringing back a wealth of frontline insights and forward-looking judgments. Centered around the theme of “Returning from Silicon Valley: Decoding the Next Phase of Industry Trends,” the discussion provided the industry with a thought-provoking collision of ideas across three core dimensions: the crypto cycle, future trends, and investment preparation.
- Debate on the Cycle: The 4-Year Law Loosens, Long Bull Logic Emerges
The rule of “the crypto industry has a 4-year cycle” has been an important basis for countless practitioners and investors to judge the market. However, in this live broadcast, Meng Yan combined observations from the front lines of Silicon Valley to present a disruptive viewpoint: the 4-year cycle of the crypto industry has begun to be broken, and the market is entering a newly extended cycle.
Meng Yan pointed out that in the past two bull markets (2017-2018 and 2021-2022), the cyclical pattern was clearly visible—Bitcoin broke through first, followed by Ethereum, and then altcoins entered a “carnival season”. In the rotation of sectors, bubbles continuously accumulated, ultimately triggering a bear market due to policy adjustments or project failures (such as the 2022 Luna crash). However, the current market has shown new characteristics: since 2023, the correlation between the crypto market and the US stock market has significantly increased, with Bitcoin and Ethereum's movements synchronizing with the US stock market, and the total market capitalization of the industry has surpassed $4 trillion, reflecting a fundamental shift in the structure of capital.
“The large-scale entry of American institutional funds is reshaping market rules.” Meng Yan emphasized that from Grayscale and MicroStrategy continuously increasing their holdings of Bitcoin, to Trump's approval of US 401K pension funds being able to allocate to crypto assets, mainstream capital in the US is entering the crypto space in a “group army” manner. These institutional funds are large in scale and have a longer investment cycle, which stands in sharp contrast to the short-term behavior of retail investors who “chase highs and kill lows,” objectively delaying the rhythm of market fluctuations and shifting the cycle from “explosive rises and falls” to “gentle evolution.”
Yu Jianing further added that the change in Silicon Valley's attitude towards cryptocurrency is more representative. In the past, due to policy uncertainty, Silicon Valley venture capital focused more on fields like AI and biomedicine. However, the current U.S. policy has shifted to clarity; even though a complete Clarity Act has not yet been introduced, many funds in Silicon Valley have begun to allocate cryptocurrency assets—“for them, allocating cryptocurrency is not a 'multiple-choice question', but a 'mandatory question'. If they do not keep up, they may lag behind the industry average returns.”
However, the two guests also reminded that a longer cycle does not mean “no volatility.” Meng Yan believes that the market will still experience an adjustment period, on one hand waiting for the implementation of key policies such as the Clarity Act, and on the other hand needing time to establish a linkage mechanism between Wall Street, Silicon Valley, and Asian markets (such as Hong Kong and Singapore). But in the long run, with institutional funds continuing to enter and the compliance framework gradually improving, the crypto industry is expected to bid farewell to “short bulls and short bears” and enter a more stable long-term development stage.
II. Trend Outlook: Three Main Lines Leading the Next Phase of the Cryptocurrency Industry
When discussing the mainstream trends of the future crypto industry, Meng Yan combines his observations from studying in Silicon Valley with his own research to propose three core directions: “B-share linkage, US stock on-chain, and an all-trading exchange.” Moreover, these three will be advanced in a logical sequence and may even overlap in their efforts.
(1) B-share linkage: Launching a new “dual empowerment” gameplay
“The linkage of B shares is not a fantasy of 'stepping on the left foot and the right foot', but a feasible path with successful case studies.” Meng Yan took MicroStrategy as an example to analyze the core logic of this model: enterprises finance through the stock market or leverage, buy cryptocurrencies and reduce their liquidity to drive up coin prices; as coin prices rise, they also feed back into stock prices (due to the leveraged correlation between stock and crypto asset prices), further helping enterprises to raise funds in the stock market—forming a positive cycle of “stock market financing - buying coins to push prices - stock price rise - refinancing.”
Currently, achieving B-share linkage through the DAT (Direct Asset Tokenization) treasury model has become a mainstream approach. Some teams have accumulated practical experience in operating through SPAC listings, reverse mergers (RTO), and other methods. Meng Yan revealed that in the future, B-share linkage may explore more models, such as packaging Crypto businesses to take the S1 listing route or reviving STO (Security Token Offering), providing the industry with more diverse financing and value circulation options.
(2) US Stocks on the Blockchain: Breaking Barriers, Activating Asset Liquidity
“Putting US stocks on the blockchain is not 'superfluous', but rather solves the core pain points of the traditional stock market.” Meng Yan pointed out that at least 2 billion people globally have the capacity and willingness to invest in US stocks, but are kept out due to issues like geographical restrictions, high capital gains taxes, and insufficient liquidity. The blockchainization of US stocks (which essentially is the tokenization of stock equity) can effectively break through these barriers: on one hand, a rule-based KYC mechanism allows more people to participate in US stock investments, with potential investors possibly increasing tenfold; on the other hand, unlisted companies can increase their exit channels through equity tokenization, improve financing efficiency, and even use stock coins to develop token economic incentives, rapidly accumulating network effects.
It is worth noting that this trend has shown signs of acceleration: Nasdaq has submitted a proposal for full stock tokenization, while platforms like Kraken and Robinhood have launched 50 and 500 US stock-related tokens, respectively. Meng Yan predicts that Hong Kong will soon follow suit, and in the future, stock equity tokenization will become an important link between crypto and traditional finance. Additionally, equity from high-quality Silicon Valley projects in AI and biomedicine is expected to become some of the first “on-chain star assets.”
(3) Universal Exchange: Building a “Super Trading Ecosystem”
“The Exchange of Everything is not a whimsical idea, but a reality that is happening.” Meng Yan introduced the concept of “Super APP” proposed by SEC Chairman Atkins, which essentially refers to an “Exchange of Everything” that allows users to trade all assets such as U.S. stocks, U.S. bonds, commodities, and cryptocurrencies on a single platform. Currently, Coinbase has proposed the vision of “Exchange of Everything,” and decentralized exchanges like Hyper Liquid have also announced plans to support trading of all asset categories.
Meng Yan believes that the Universal Exchange will reshape the financial trading landscape: it can not only enhance trading efficiency but also break down barriers between different asset classes, forming an ecosystem of “all-category asset liquidity.” For investors, this means that in the future, cross-market allocation can be achieved on the same platform; for the industry, each “asset swap” is an opportunity for a new exchange to rise—just as Bitcoin in 2013 and ERC-20 tokens in 2017 drove the iteration of exchanges, the current wave of RWA (real-world assets) on-chain may also give rise to new industry giants.
In addition, Meng Yan also added his views on stablecoins: although the stablecoin war has not erupted as expected, it will inevitably come in the future, and the first scenario for its outbreak will be RWA transactions (rather than daily payments). When RWA transactions bring in hundreds of millions of users, stablecoins will gradually penetrate into scenarios like cross-border e-commerce and online tipping, ultimately impacting the traditional payment system — this pathway is highly similar to the logic of Alipay's transition from e-commerce payments to full-scenario payments back in the day.
III. Investment Response: Seizing Certainty Opportunities Amid Market Changes
In the face of profound changes in industry cycles and trends, how should investors respond? Two guests offer advice from three dimensions: risk avoidance, opportunity grasping, and capability enhancement.
(1) Avoid “fake opportunities” and focus on high-value tracks.
Meng Yan clearly reminded that the traditional “Shanzhai season” is unlikely to reappear, and that low market value and low liquidity pure Crypto altcoins carry extremely high risks. In the future, incremental funds in the market will flow more towards RWA assets (especially stock and equity-type RWA), as well as projects related to B-shares linkage and US stocks on-chain. “Investors need to bid farewell to the habitual thinking of 'speculating on small and new', and prioritize targets that are supported by real assets and have clear compliance frameworks.”
Yu Jianing also added that the current cryptocurrency market has entered an “institution-led” phase, where retail investors are at a disadvantage in terms of capital scale, information access, and professional capabilities. Blindly following trends to speculate on altcoins and MEME coins can easily lead to being harvested. In contrast, Bitcoin, as the “sovereign financial ballast,” and Ethereum, as the “greatest common divisor” for RWA issuance (with the highest recognition for RWA assets issued on Ethereum), remain foundational choices for long-term allocation.
(2) Grasp three major certainty opportunities
Combining the three major trends mentioned earlier, Meng Yan suggests that investors focus on three types of opportunities: first, compliance service institutions related to B-share linkage, such as teams providing SPAC and RTO consulting; second, infrastructure projects on the US stock market, such as platforms that support the issuance and trading of stock tokens; third, the ecosystem of the all-trading exchange, which includes not only the upgrading direction of traditional exchanges but also new platforms entering from fields like foreign exchange and precious metals.
“Silicon Valley projects have an average appreciation potential of 1200 times from the first round of financing to exit, and nearly half of the projects can exit decently after Series A.” Meng Yan emphasizes the long-term value of high-quality assets using Silicon Valley as an example — in the future, as the U.S. stock market moves on-chain, investors are expected to gain access to more equity in high-quality Silicon Valley projects, which will be an important wealth opportunity for the next phase of the cryptocurrency industry.
(3) Enhance “cross-market” awareness and on-chain analysis capabilities
“The market has changed, and investors' capabilities must also upgrade accordingly.” Yu Jianing pointed out that the past investment logic of solely observing candlestick charts and listening to news has become ineffective. Currently, there are two major capabilities that need to be enhanced: first, cross-market awareness—understanding the linkage mechanisms between the stock market and the cryptocurrency market, as well as the regulatory differences in different regions (such as the policy directions of the United States and Hong Kong); second, on-chain data analysis ability—judging fund flows and market supply and demand through on-chain data of Bitcoin and Ethereum, rather than relying solely on market predictions.
Uweb has also adjusted its curriculum to meet this demand, such as conducting on-chain data analysis every Sunday evening. The “WEB3 Future Wealth Course” launched in Shenzhen at the end of September will focus on opportunities related to B-share linkage, BTC/ETH positioning and exit strategies, macro cycle analysis, and other content, helping investors build a systematic knowledge framework.
Conclusion
From breaking cycles to reshaping trends, from observing Silicon Valley to global linkage, the dialogue between Meng Yan and Yu Jianing provides a “clear roadmap” for practitioners and investors in the cryptocurrency industry. As Meng Yan mentioned in the live broadcast: “The cryptocurrency industry is not a 'zero-sum game,' but rather creates new value through integration with traditional finance.” In the future, with the gradual implementation of B-shares linkage, US stocks on-chain, and the trading of all things, the cryptocurrency industry will truly achieve “connecting tradition and innovation,” and those investors who can grasp trends, enhance their capabilities, and rationally layout will likely become the beneficiaries of a new round of industry transformation.
