weicheng kong
关注区块链长期结构与真实应用落地，主要讨论公链基础设施、AI Web3、以及现实世界场景的链上融合。
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To be honest, after watching RWA for so many years, I've gradually come to understand one thing: the issue is never just about whether 'assets are on-chain', but rather who is providing the safety net, how it operates, and who is accountable when something goes wrong. This is also the reason I've been paying attention to @Dusk . Dusk hasn't taken the flashy route; it is more concerned with compliance, auditing, and privacy—these 'boring but fatal' fundamental issues. $DUSK is not something I see as a means to stir emotions, but rather as the layer that paves the way for real finance to go on-chain. Those that can truly survive are often these quiet projects. #Dusk
The Basic Track of RWA? Real World Solutions Provided by Dusk
Author: Kong Weicheng
As RWA (Real World Assets) gradually becomes an important topic in the blockchain field, many discussions still focus on the level of 'how to tokenize assets.' However, in the context of real finance, the real challenge is not just the mapping of assets itself, but whether the institutional structures that these assets rely on can be safely and acceptably brought into on-chain systems. From this perspective, what RWA needs first is not a more diversified set of assets, but a stable, trustworthy, and compliant 'base track.'
The reason why financial assets in the real world can operate for a long time is not dependent on high-frequency trading or complete transparency, but rather on clear relationships of rights and responsibilities, privacy boundaries, and enforceable regulatory frameworks. Securities, funds, debt, and other assets essentially operate within a set of institutional environments that 'default to user privacy, which can be disclosed when necessary.' If we simply apply the fully transparent model of traditional public chains, institutional-level finance would be almost impossible to operate normally; however, if we completely lean towards extreme privacy, we would directly lose the basis for compliance. This is the most core structural contradiction in the process of bringing RWA on-chain.
As RWA (Real World Assets) gradually becomes an important topic in the blockchain field, many discussions still focus on the level of 'how to tokenize assets.' However, in the context of real finance, the real challenge is not just the mapping of assets itself, but whether the institutional structures that these assets rely on can be safely and acceptably brought into on-chain systems. From this perspective, what RWA needs first is not a more diversified set of assets, but a stable, trustworthy, and compliant 'base track.'
The reason why financial assets in the real world can operate for a long time is not dependent on high-frequency trading or complete transparency, but rather on clear relationships of rights and responsibilities, privacy boundaries, and enforceable regulatory frameworks. Securities, funds, debt, and other assets essentially operate within a set of institutional environments that 'default to user privacy, which can be disclosed when necessary.' If we simply apply the fully transparent model of traditional public chains, institutional-level finance would be almost impossible to operate normally; however, if we completely lean towards extreme privacy, we would directly lose the basis for compliance. This is the most core structural contradiction in the process of bringing RWA on-chain.
Recently started to pay serious attention to @Plasma , not because of the short-term market, but because it is doing something that very few projects are willing to do now: solidifying the security of blockchain and the logic of the execution layer. Compared to blindly pursuing speed and hype, Plasma is more like laying the foundation for long-term usage scenarios. For me, the value of $XPL is not in 'how much it rises today,' but in whether it can become part of the future on-chain infrastructure. Projects that can truly go far often do not make noise at the beginning. #plasma
When blockchain no longer pursues 'faster', but returns to 'more real' - why I began to pay attention to Plasma
In recent years in the crypto world, I have increasingly felt a sense of fatigue.
It's not that the market is bad, but rather that the narrative is too loud.
Every cycle is about 'faster chains', 'higher TPS', 'bigger narratives', but when it truly reaches users, it increasingly looks like a beautifully packaged experiment. Thus, I began to question one issue:
What was the original purpose of blockchain?
It was also during this process that I seriously looked at what @Plasma was doing for the first time.
Plasma gave me the first feeling of not being 'exciting', but rather restrained.
It's not that the market is bad, but rather that the narrative is too loud.
Every cycle is about 'faster chains', 'higher TPS', 'bigger narratives', but when it truly reaches users, it increasingly looks like a beautifully packaged experiment. Thus, I began to question one issue:
What was the original purpose of blockchain?
It was also during this process that I seriously looked at what @Plasma was doing for the first time.
Plasma gave me the first feeling of not being 'exciting', but rather restrained.
When blockchain no longer pursues 'faster', but returns to 'more real' - why I began to pay attention to Plasma
In recent years in the crypto world, I have increasingly felt a sense of fatigue.
It's not that the market is bad, but rather that the narrative is too loud.
Every cycle is about 'faster chains', 'higher TPS', 'bigger narratives', but when it truly reaches users, it increasingly looks like a beautifully packaged experiment. Thus, I began to question one issue:
What was the original purpose of blockchain?
It was also during this process that I seriously looked at what @Plasma was doing for the first time.
Plasma gave me the first feeling of not being 'exciting', but rather restrained.
It's not that the market is bad, but rather that the narrative is too loud.
Every cycle is about 'faster chains', 'higher TPS', 'bigger narratives', but when it truly reaches users, it increasingly looks like a beautifully packaged experiment. Thus, I began to question one issue:
What was the original purpose of blockchain?
It was also during this process that I seriously looked at what @Plasma was doing for the first time.
Plasma gave me the first feeling of not being 'exciting', but rather restrained.
The Basic Track of RWA? Real World Solutions Provided by Dusk
Author: Kong Weicheng
As RWA (Real World Assets) gradually becomes an important topic in the blockchain field, many discussions still focus on the level of 'how to tokenize assets.' However, in the context of real finance, the real challenge is not just the mapping of assets itself, but whether the institutional structures that these assets rely on can be safely and acceptably brought into on-chain systems. From this perspective, what RWA needs first is not a more diversified set of assets, but a stable, trustworthy, and compliant 'base track.'
The reason why financial assets in the real world can operate for a long time is not dependent on high-frequency trading or complete transparency, but rather on clear relationships of rights and responsibilities, privacy boundaries, and enforceable regulatory frameworks. Securities, funds, debt, and other assets essentially operate within a set of institutional environments that 'default to user privacy, which can be disclosed when necessary.' If we simply apply the fully transparent model of traditional public chains, institutional-level finance would be almost impossible to operate normally; however, if we completely lean towards extreme privacy, we would directly lose the basis for compliance. This is the most core structural contradiction in the process of bringing RWA on-chain.
As RWA (Real World Assets) gradually becomes an important topic in the blockchain field, many discussions still focus on the level of 'how to tokenize assets.' However, in the context of real finance, the real challenge is not just the mapping of assets itself, but whether the institutional structures that these assets rely on can be safely and acceptably brought into on-chain systems. From this perspective, what RWA needs first is not a more diversified set of assets, but a stable, trustworthy, and compliant 'base track.'
The reason why financial assets in the real world can operate for a long time is not dependent on high-frequency trading or complete transparency, but rather on clear relationships of rights and responsibilities, privacy boundaries, and enforceable regulatory frameworks. Securities, funds, debt, and other assets essentially operate within a set of institutional environments that 'default to user privacy, which can be disclosed when necessary.' If we simply apply the fully transparent model of traditional public chains, institutional-level finance would be almost impossible to operate normally; however, if we completely lean towards extreme privacy, we would directly lose the basis for compliance. This is the most core structural contradiction in the process of bringing RWA on-chain.
$AR The price of the token has fallen, which is normal because there is no project team. If the price rises, the team gains nothing, so why would they come out?
This is a coin without institutions or market makers. If it falls, breaking the level is very normal. One must understand the reasons behind it, so why be afraid?
Recommendation Index: ⭐️⭐️⭐️⭐️⭐️
This is a coin without institutions or market makers. If it falls, breaking the level is very normal. One must understand the reasons behind it, so why be afraid?
Recommendation Index: ⭐️⭐️⭐️⭐️⭐️
$AR The future data is not meant for humans to use. Most of the AI training, over hundreds of years, will become a fact. When the emperor retires, the media of the new emperor and the database will all be his own achievements. The propaganda of the predecessor will be deleted. And you, my brother, what you say will be the eternal historical anchor point.
$AR Speech censorship in 🇨🇳 is a high-frequency risk. If you buy 0.001 ar, the content you upload will be visible for hundreds or thousands of years.
$AR is not just permanent storage, more importantly, it is decentralized multi-backup, unalterable, which is the power to define the truth for the next few hundred years. It will be read repeatedly by people and AI. Absolutely amazing. The project team's exit is a good thing, indicating the value of AR, as the project team cannot take advantage.
Like the founder of BTC. Be clear-headed.
Like the founder of BTC. Be clear-headed.
The cryptocurrency prices are now indifferent to you,
Don't come out to attract attention
$BTC $
Don't come out to attract attention
$BTC $
The mainnet blocks of Arweave have been increasing in quantity, while the coin price has been consistently low.
Retail investors who lose money this round deserve it; their understanding is low, and they have been brainwashed by capital, power, and media, yet they still love to gamble and don't know the numbers.
Anything truly decentralized and useful has been suppressed, such as $XMR $BTC .
It's already impressive that the founding team can still be alive; how could they possibly come out to support it.
Retail investors who lose money this round deserve it; their understanding is low, and they have been brainwashed by capital, power, and media, yet they still love to gamble and don't know the numbers.
Anything truly decentralized and useful has been suppressed, such as $XMR $BTC .
It's already impressive that the founding team can still be alive; how could they possibly come out to support it.
The value of each AR corresponds to the amount of data that can be permanently stored. With the price of AR remaining unchanged, the amount of data that can be accessed and stored by each AR increases by 30% annually. BTC, aside from its consensus financial attributes, cannot do much. And $AR can define the truth, with its subversive power over 'authority' being ten thousand times stronger than $BTC . $AR
The value of each AR corresponds to the amount of data that can be permanently stored. With the price of AR remaining unchanged, the amount of data that can be accessed and stored by each AR increases by 30% annually. BTC, aside from its consensus financial attributes, cannot do much. And $AR can define the truth, with its subversive power over 'authority' being ten thousand times stronger than $BTC . $AR
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Recently, while focusing on the infrastructure direction of AI + Web3, I re-examined the overall positioning of @Vanarchain . Vanar Chain does not follow the 'general public chain narrative' but rather explicitly focuses on AI applications, gaming, and real-time interactive scenarios, optimizing for performance, low latency, and developer experience. With the ongoing trend of AI content generation, gaming asset on-chain, and immersive digital experiences continuing to grow, the value of this type of specialized infrastructure is being re-recognized by the market. $VANRY is more like a bet on the next generation of digital content and interaction's underlying network, rather than a target for short-term emotional speculation, and further ecological and application developments are worth continuous attention. #Vanar
Recommendation Index: ⭐️
Recommendation Index: ⭐️
Why I Started to Re-Focus on Vanar Chain? AI and Gaming Infrastructure are Accelerating Integration
Author: Kong Weicheng
Recently, while focusing on the trend of merging AI and Web3 infrastructure, I began to re-examine the overall positioning and technical route of @Vanarchain and found that Vanar is building a very clear direction with long-term value.
Unlike many projects that remain at the conceptual level, #vanar starts from the underlying architecture, focusing on serving AI applications, games, real-time data interaction, and high-performance decentralized applications. In the current context of rapid development in AI content generation, game asset on-chain, and immersive digital experiences, such high-throughput and low-latency blockchain infrastructure is particularly important.
Recently, while focusing on the trend of merging AI and Web3 infrastructure, I began to re-examine the overall positioning and technical route of @Vanarchain and found that Vanar is building a very clear direction with long-term value.
Unlike many projects that remain at the conceptual level, #vanar starts from the underlying architecture, focusing on serving AI applications, games, real-time data interaction, and high-performance decentralized applications. In the current context of rapid development in AI content generation, game asset on-chain, and immersive digital experiences, such high-throughput and low-latency blockchain infrastructure is particularly important.
Why I Started to Re-Focus on Vanar Chain? AI and Gaming Infrastructure are Accelerating Integration
Author: Kong Weicheng
Recently, while focusing on the trend of merging AI and Web3 infrastructure, I began to re-examine the overall positioning and technical route of @Vanarchain and found that Vanar is building a very clear direction with long-term value.
Unlike many projects that remain at the conceptual level, #vanar starts from the underlying architecture, focusing on serving AI applications, games, real-time data interaction, and high-performance decentralized applications. In the current context of rapid development in AI content generation, game asset on-chain, and immersive digital experiences, such high-throughput and low-latency blockchain infrastructure is particularly important.
Recently, while focusing on the trend of merging AI and Web3 infrastructure, I began to re-examine the overall positioning and technical route of @Vanarchain and found that Vanar is building a very clear direction with long-term value.
Unlike many projects that remain at the conceptual level, #vanar starts from the underlying architecture, focusing on serving AI applications, games, real-time data interaction, and high-performance decentralized applications. In the current context of rapid development in AI content generation, game asset on-chain, and immersive digital experiences, such high-throughput and low-latency blockchain infrastructure is particularly important.
Many people use the 'husband chain template' to look at @Plasma , and it is easy to come to a misjudgment: since transferring USD₮T is gas-free, then $XPL seems to have no presence. But this actually just shows that you are looking at the wrong level. Plasma has never intended for ordinary users to understand gas, transaction fees, or native tokens; what it wants to do is make the blockchain 'invisible' in payment scenarios, leaving only the usability of stablecoins.
For most users, using @Plasma does not equal using XPL; this is not a flaw but a design goal. The role of XPL is closer to that of system layer assets, used to bear network security, validator incentives, and long-term operational costs. The reason you don't spend money on transfers is that the system behind the scenes uses XPL to absorb these costs.
In summary: $XPL is not a currency for everyone, but a currency for the system. Understanding this allows for a more rational view of Plasma's true positioning within the #Plasma system.
Recommendation Index: ⭐️⭐️
For most users, using @Plasma does not equal using XPL; this is not a flaw but a design goal. The role of XPL is closer to that of system layer assets, used to bear network security, validator incentives, and long-term operational costs. The reason you don't spend money on transfers is that the system behind the scenes uses XPL to absorb these costs.
In summary: $XPL is not a currency for everyone, but a currency for the system. Understanding this allows for a more rational view of Plasma's true positioning within the #Plasma system.
Recommendation Index: ⭐️⭐️
Do ordinary people need XPL in their lifetime?
Author: Kong Weicheng
Many people have a very intuitive question the first time they see @Plasma : Since transferring USDT on #Plasma is exempt from gas fees, what exactly is $XPL for? The logic has always been simple in most public chains—transfers, interactions, or doing anything requires buying gas tokens first. Therefore, many people subconsciously feel that $XPL might be the kind of 'token with very low presence, or even one that is not needed at all.' If one tries to understand Plasma using the old public chain mindset, this misunderstanding is actually quite common.
But Plasma never intended for ordinary users to understand what gas, fees, or native tokens are. Through the Paymaster mechanism, the most common and standard USDT transfers have the system layer cover the fees for users. Users do not need to buy in advance, nor do they need to calculate transaction costs; the overall experience feels more like transferring money via Alipay or a bank card, rather than 'operating a blockchain.'
Many people have a very intuitive question the first time they see @Plasma : Since transferring USDT on #Plasma is exempt from gas fees, what exactly is $XPL for? The logic has always been simple in most public chains—transfers, interactions, or doing anything requires buying gas tokens first. Therefore, many people subconsciously feel that $XPL might be the kind of 'token with very low presence, or even one that is not needed at all.' If one tries to understand Plasma using the old public chain mindset, this misunderstanding is actually quite common.
But Plasma never intended for ordinary users to understand what gas, fees, or native tokens are. Through the Paymaster mechanism, the most common and standard USDT transfers have the system layer cover the fees for users. Users do not need to buy in advance, nor do they need to calculate transaction costs; the overall experience feels more like transferring money via Alipay or a bank card, rather than 'operating a blockchain.'
In the blockchain financial scenario, the real challenge is not performance, but how to find an executable balance between privacy and compliance. @Dusk is not choosing to oppose regulation or be completely transparent, but rather to serve institutional finance and RWA scenarios through 'auditable privacy.' $DUSK is more like a reality-oriented foundational track, not an emotionally driven public chain. #Dusk
Recommendation Index: ⭐️⭐️
Recommendation Index: ⭐️⭐️
How Dusk Solves the Dilemma of Privacy and Compliance
Author: Kong Weicheng
When discussing the integration of blockchain and finance, the conflict between privacy and compliance is almost an unavoidable issue. For financial institutions, the transparency of blockchain is both an advantage and a challenge. The public nature of the ledger is beneficial for verification and settlement, but real-world financial transactions cannot accept 'full visibility': transaction details, customer identities, and asset structures are inherently sensitive information. It is precisely in this contradiction that @Dusk 's positioning is particularly clear. $DUSK does not attempt to use blockchain to counter regulation, but rather seeks to answer a more pragmatic question: can blockchain meet compliance requirements without sacrificing privacy? #Dusk
When discussing the integration of blockchain and finance, the conflict between privacy and compliance is almost an unavoidable issue. For financial institutions, the transparency of blockchain is both an advantage and a challenge. The public nature of the ledger is beneficial for verification and settlement, but real-world financial transactions cannot accept 'full visibility': transaction details, customer identities, and asset structures are inherently sensitive information. It is precisely in this contradiction that @Dusk 's positioning is particularly clear. $DUSK does not attempt to use blockchain to counter regulation, but rather seeks to answer a more pragmatic question: can blockchain meet compliance requirements without sacrificing privacy? #Dusk
Do ordinary people need XPL in their lifetime?
Author: Kong Weicheng
Many people have a very intuitive question the first time they see @Plasma : Since transferring USDT on #Plasma is exempt from gas fees, what exactly is $XPL for? The logic has always been simple in most public chains—transfers, interactions, or doing anything requires buying gas tokens first. Therefore, many people subconsciously feel that $XPL might be the kind of 'token with very low presence, or even one that is not needed at all.' If one tries to understand Plasma using the old public chain mindset, this misunderstanding is actually quite common.
But Plasma never intended for ordinary users to understand what gas, fees, or native tokens are. Through the Paymaster mechanism, the most common and standard USDT transfers have the system layer cover the fees for users. Users do not need to buy in advance, nor do they need to calculate transaction costs; the overall experience feels more like transferring money via Alipay or a bank card, rather than 'operating a blockchain.'
Many people have a very intuitive question the first time they see @Plasma : Since transferring USDT on #Plasma is exempt from gas fees, what exactly is $XPL for? The logic has always been simple in most public chains—transfers, interactions, or doing anything requires buying gas tokens first. Therefore, many people subconsciously feel that $XPL might be the kind of 'token with very low presence, or even one that is not needed at all.' If one tries to understand Plasma using the old public chain mindset, this misunderstanding is actually quite common.
But Plasma never intended for ordinary users to understand what gas, fees, or native tokens are. Through the Paymaster mechanism, the most common and standard USDT transfers have the system layer cover the fees for users. Users do not need to buy in advance, nor do they need to calculate transaction costs; the overall experience feels more like transferring money via Alipay or a bank card, rather than 'operating a blockchain.'
Divine Prophecy$BTC
Is there a possibility of recovery? It keeps falling every night!
Author: Kong Weicheng
Primary Assets
$BTC / AR / $XMR / $TRX
They have only one thing in common:
Usage itself = An unavoidable payment behavior.
• BTC: To settle value in the world, one must buy block space
• AR: To permanently store data in the world, one must pay AR
• XMR: For private transactions in the world, one can only use XMR
• TRX: To settle stablecoins in reality, one must freeze TRX to operate
👉 No subsidies
👉 No "gas-free"
👉 No team to back you up
If the world doesn't use them, there’s no demand; once the world uses them, payment is a must.
These types of assets are not operated by a team but are enforced by the real world usage.
Primary Assets
$BTC / AR / $XMR / $TRX
They have only one thing in common:
Usage itself = An unavoidable payment behavior.
• BTC: To settle value in the world, one must buy block space
• AR: To permanently store data in the world, one must pay AR
• XMR: For private transactions in the world, one can only use XMR
• TRX: To settle stablecoins in reality, one must freeze TRX to operate
👉 No subsidies
👉 No "gas-free"
👉 No team to back you up
If the world doesn't use them, there’s no demand; once the world uses them, payment is a must.
These types of assets are not operated by a team but are enforced by the real world usage.
TRX
Holding
Cumulative PNL
-0.07%
How Dusk Solves the Dilemma of Privacy and Compliance
Author: Kong Weicheng
When discussing the integration of blockchain and finance, the conflict between privacy and compliance is almost an unavoidable issue. For financial institutions, the transparency of blockchain is both an advantage and a challenge. The public nature of the ledger is beneficial for verification and settlement, but real-world financial transactions cannot accept 'full visibility': transaction details, customer identities, and asset structures are inherently sensitive information. It is precisely in this contradiction that @Dusk 's positioning is particularly clear. $DUSK does not attempt to use blockchain to counter regulation, but rather seeks to answer a more pragmatic question: can blockchain meet compliance requirements without sacrificing privacy? #Dusk
When discussing the integration of blockchain and finance, the conflict between privacy and compliance is almost an unavoidable issue. For financial institutions, the transparency of blockchain is both an advantage and a challenge. The public nature of the ledger is beneficial for verification and settlement, but real-world financial transactions cannot accept 'full visibility': transaction details, customer identities, and asset structures are inherently sensitive information. It is precisely in this contradiction that @Dusk 's positioning is particularly clear. $DUSK does not attempt to use blockchain to counter regulation, but rather seeks to answer a more pragmatic question: can blockchain meet compliance requirements without sacrificing privacy? #Dusk
When discussing @Walrus 🦭/acc , what I am more concerned about is not "whether data can be stored," but whether it has the ability to independently traverse bull and bear cycles.
From a realistic structure perspective, $WAL currently resembles a basic module within the Sui ecosystem, rather than a cross-ecosystem universal protocol: its demand comes from $SUI , and developers are also concentrated on #SUI🔥 . Once the main ecosystem's growth slows down, Walrus will find it difficult to actively create incremental markets.
This does not mean the project lacks value, but rather indicates that its growth curve is strongly tied to a single ecosystem. Understanding this is more important than merely discussing technical indicators. #walrus $WAL
Recommendation Index: ⭐️⭐️
From a realistic structure perspective, $WAL currently resembles a basic module within the Sui ecosystem, rather than a cross-ecosystem universal protocol: its demand comes from $SUI , and developers are also concentrated on #SUI🔥 . Once the main ecosystem's growth slows down, Walrus will find it difficult to actively create incremental markets.
This does not mean the project lacks value, but rather indicates that its growth curve is strongly tied to a single ecosystem. Understanding this is more important than merely discussing technical indicators. #walrus $WAL
Recommendation Index: ⭐️⭐️
The ceiling of Walrus depends on the limits of Sui
Author: Kong Weicheng
When discussing the project @Walrus 🦭/acc , if we only look at the technical description, it is easy to be attracted by the whole narrative of "decentralized storage, privacy, and anti-censorship." However, if we elevate our perspective from the functional level to the structural level, the biggest problem facing Walrus is not actually in the code, but in its high dependence on the Sui ecosystem. This dependency determines the potential space of $WAL , while also clearly exposing its ceiling.
First, it must be acknowledged that Walrus is not lacking on the engineering level. It chooses to build on Sui, utilizing Sui's high-performance features for object and data processing for blob storage and large file distribution, which is a reasonable and pragmatic technical decision. The problem is not whether it is right to choose Sui, but whether Sui is the only option left.
When discussing the project @Walrus 🦭/acc , if we only look at the technical description, it is easy to be attracted by the whole narrative of "decentralized storage, privacy, and anti-censorship." However, if we elevate our perspective from the functional level to the structural level, the biggest problem facing Walrus is not actually in the code, but in its high dependence on the Sui ecosystem. This dependency determines the potential space of $WAL , while also clearly exposing its ceiling.
First, it must be acknowledged that Walrus is not lacking on the engineering level. It chooses to build on Sui, utilizing Sui's high-performance features for object and data processing for blob storage and large file distribution, which is a reasonable and pragmatic technical decision. The problem is not whether it is right to choose Sui, but whether Sui is the only option left.
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