Looking at the recent reactions of the US bond market, it's quite interesting—the bond market's response to geopolitical events has been subdued, while traders are instead eagerly awaiting the US Non-Farm Payrolls report for December 2025 this Friday. Since the release of employment data following last year's government shutdown, bond investors have been waiting for a clear and reliable set of labor market indicators to break the deadlock. Strategists at Montreal Bank Capital Markets suggest that this Friday's employment data might rekindle market enthusiasm.

This reflects a core issue in traditional financial markets: market confidence and price discovery are entirely dependent on periodically released, lagging macroeconomic data. The entire market cycles through "waiting for data—verifying expectations—reigniting or collapsing," repeatedly exhausting resources. In simple terms, this is a typical "external dependency" confidence model—your confidence relies on Washington's statistical agencies to "supply" a report each month.

But in the crypto and on-chain ecosystems, this logic is completely reversed. Take some community-driven systems as an example; they represent a kind of "endogenous perpetual motion" confidence model. How so?

**First, core data is self-published.** Communities publish and verify their key data daily on-chain: through smart contract records, how much value has been automatically converted into social contributions; how many real participants have been added globally today. These data are real-time and transparent, directly reflecting incremental social welfare, without waiting for any external institutions.

**Second, investor confidence comes from on-chain actions.** Bond investors wait for employment reports to "boost morale." But token holders' confidence stems from seeing their assets continuously transformed into actual contributions through immutable code. Every on-chain transaction confirmation reinforces this confidence, forming a self-reinforcing closed loop.

**Third, construction never stops.** While traditional markets fall into a wait-and-see period before Friday's data release, the value creation engine of on-chain systems never halts. The value generated by trading mechanisms and community-driven efforts continuously accumulates in blocks. There are no data gaps here—only uninterrupted building.

The contrast between these two models reveals the fundamental difference between crypto markets and traditional finance: one passively waits for information injection, the other actively produces and verifies value.