On the ability to tell stories $circle Tonight, touching 300 is astonishing. For many in the crypto circle, it either means they didn't open an account in advance and buy, or it's truly a challenge to their understanding, because the application of USDC in the crypto world is far lower than that of USDT. Plus, it's been said that the profit is only 200 million a year, and the PE is already quite high. Yet today, it directly matches TVL 1 to 1, or even surpasses it. What valuation model can estimate like this? One can only say that the story these funds are telling is already approaching the level of the Federal Reserve. Let me share a story that happened in my family. My uncle has been running a cinema in China. In 2016, when Wanda was thriving, he sold all his cinemas to Wanda at once, valuing them at a PE of 20. A cinema had an annual box office of 15 million, with a profit of about 4 million, so they were acquired for 80 million, with an investment of less than 20 million. Now? No one wants a cinema, regardless of its annual box office, even if it's offered for 0 yuan, because the net profit each year is almost negative. After taking over, they would still lose money, with no capital leverage. In about 10 years, the valuation model of the cinema industry has changed drastically. When everyone calms down and capital exits, and the decline begins, the model hasn't changed, but the story has.