小庞同学

A significant portion of crypto industry exits in 2025 were completed through equity. According to recent publicly available data from PitchBook, in the past year, 265 crypto projects exited via mergers and acquisitions, totaling $8.6 billion, such as Stripe's acquisition of Bridge; there were also 11 crypto projects that raised over $14.6 billion through IPO listings, including Circle and Gemini. In 2024, the total M&A volume in the crypto industry was only over $2 billion, and IPO fundraising was only $300 million.
Equity exits currently mainly involve exchanges, stablecoin issuers, upstream

Baidu's daily active users reached a peak of 200 million in 2020, then started to decline, and since then there has been no official or reliable third-party disclosure of daily active user numbers.
Last week, 36Kr's latest data showed that Doubao just surpassed 100 million daily active users, and with the traffic driven by the entire ByteDance ecosystem, growth is still ongoing. Perhaps soon, for young people, using Baidu will be as unfamiliar as using Bing—something they've only heard of but never used.

AI Coding has indeed fundamentally changed many workflows, but it is overhyped.
Laypeople or small bosses managing programmers feel that AI programming is already good enough because they are not responsible for the final quality of the delivery. Programmers only realize there are so many illusions, errors, and design flaws to fix once they get involved.
The obsession with AI programming is essentially a myth of wealth creation through AI development creating hype. Repeatedly talking about AI programming making products to make money and using the same old NFT/contract copying to attract atten

My 2026 To-Do List:
1. Don't overwork to combat anxiety; protect your time and attention. Proper rest and relaxation are the greatest respects to your work.
2. Don't sacrifice sleep and exercise for productivity. Even on business trips, ensure enough time for recovery and exercise. Use Whoop to monitor sleep, recovery, and workouts daily. If you can't control yourself, listen to AI.
3. Don't scroll through short videos and feeds directly. Use Grok to filter information streams, browse videos with Atlas browser for reading and analysis, and use AI to create addiction isolation mechanisms.
4. Av

Below are my six predictions for 2026. One year later, a review to see how many times I was proven wrong:
1. Although Manus boosted market confidence, after MiniMax and Zhipu上市 in Hong Kong stocks, funds will most likely first observe secondary market feedback. If signals such as IPO underperformance, excessive selling pressure, or weakening liquidity appear, Chinese VCs will be more cautious in deploying capital, which may further concentrate funds into a few top-tier targets until US VCs provide new narrative catalysts or AI achieves verifiable marginal breakthroughs. Chinese entrepreneurs w

Do you think 2025 is the worst year for crypto founders, or actually the best year disguised as a bad year?

AI coding is everywhere right now. You’ll often hear founders claim they built a complicated system with AI in an afternoon.
But spinning up a payment system in an afternoon is easy. Sleeping at night knowing your money is being managed by it is hard.

You can spend 10,000 hours reading every paper about an apple—its evolution, every piece of art featuring apples, and even how to cook them. But until you actually bite into one, you still don’t really know what an apple is.
And yes, I’m not talking about apples. I’m talking about running your own business and shipping your own products.

Reading the book by Li Lu, the founder of Himalaya Capital, he mentioned that throughout history there are often years in which many historical events occur, becoming a watershed moment of the era. In 1776, Adam Smith published "The Wealth of Nations", the Continental Congress passed the "Declaration of Independence", and Watt modified the first commercial steam engine. Capitalism, democratic politics, and the industrial revolution elevated human civilization to a new stage.
Many people mention that now is the garbage time of a great era, but in fact, 2021 was also a watershed moment of the er

Stablecoin headlines were BOOMING this week 🚨
- Tether CEO slams S&P downgrade as “finance propaganda,” reporting $181B in assets and no major redemptions despite scrutiny
- Paxos acquires Fordefi in a $100M+ deal to expand institutional infrastructure behind PYUSD and USDG stablecoins
- U.S. Bank pilots programmable stablecoin issuance on Stellar with built-in compliance and unwind controls
- Klarna to launch KlarnaUSD on Stripe’s Bridge to cut $120B in annual cross-border payment costs
- MegaETH’s USDm pre-deposit round hits its $250M cap in under three minutes amid expansion setbacks
Here’

Netscape made Internet obvious to normies, iPhone made mobile obvious to normies, and ChatGPT made AI obvious to normies.
What would make crypto and blockchain obvious to normies?

Only a few products can achieve a "verb status" in the past 40 years history of the Internet:
Just Google it
Can you Venmo me?
I'll Uber there.
The latest product that became a verb is Zoom: Let's Zoom.
ChatGPT is getting there but it's still not as common to say "ChatGPT it" yet.
If a product wants to achieve the verb status like the ones above, it needs to:
1, solve a very very clear and unique problem so people always think of it when facing that problem,
2, achieve a critical mass user base so it's people know what the name means in any everyday convo,
and 3, be very memorable and simpl

Question to all my founder and workaholics friends:
Sometimes I get stressed about work so much that the only way I can de-stress myself is to overwork.
Getting the assurance when you see your extremely packed calendar is so misleading. I want to learn how to actually get myself to relax a bit. I’m already seeing therapist - any other suggestions?

The most painful thing about being on a business trip in New York for a month is why business hotels in the U.S. are so expensive and yet have such a poor experience compared to domestic ones: at the hotel next to Bryant Park in Midtown Manhattan, I had to sleep with headphones on every night because the sirens outside were too loud in the middle of the night, and I could clearly hear the movements in the hallway.
The whole season is just perfect for our founders who are used to a frugal lifestyle. Apart from the downside of not having a lounge for socializing, the room hygiene, sleep quality,