As a professional translator, I would like to translate this news article into English using a descriptive tone. The sentences will be accurate and coherent, and I will retain proper nouns and the entire 
. I will ensure that the meaning remains the same and there are no grammatical errors. Please note that I will not include a period at the end of the translation. Here is the translated content:
“Waterfall Facial: The group was in an uproar, and Twitter was no longer excited. It’s time to calm down and review the current bull market phase. We have yet to see a replicable application model in this bull market wave, unlike the ICOs in 2017 and DeFi in 2020 when various projects were launched. Therefore, I have always believed that the real bull market has not arrived. However, there have been many attempts at new types of asset issuance models, such as Bitcoin’s new asset protocols (Inscription, Atomicals, RGB/RGB++), various chain’s inscription protocols, Meme Coins, Graphic Coins, SFT, and more.
As a builder, my perspective is whether there are opportunities to build applications and what insights these attempts provide. I have summarized two points:
1. CSV-based asset validation has been preliminarily verified by Bitcoin’s Inscription. It shows that defining asset data on the chain and conducting legality checks off the chain is feasible. This indicates a new way of asset issuance and scaling, as mentioned in my tweet at https://twitter.com/jolestar/status/1732711942563959185. All the derived protocols on Bitcoin, including RGB/RGB++, Atomicals, belong to this paradigm, which can be called generalized client-side validation assets. These assets are a type of asset between L1 and Offchain (L2). They can define a bridge within a protocol to migrate assets from L1 to Offchain, as preliminarily demonstrated by the RGB++ protocol’s leap mechanism. This capacity suggests a way to scale blockchain by allowing assets to overflow from Bitcoin to Offchain (including other public chains), thereby bringing prosperity to the entire blockchain ecosystem. Attached is an image I shared at the Bitcoin Layer2 Conference organized by @BTCSCYLab in Hong Kong. 
This model is different from Ethereum’s ecological paradigm. The application scenarios for assets are no longer limited to the smart contract environment provided by L1 but can be provided through the Offchain smart contract environment, eliminating technical bottlenecks in application development.
2. The asset-first application launch model is being verified. If the technical bottleneck of building applications is overcome, another challenge is how to launch applications. The traditional way is to build applications, attract users, and then issue assets. However, this new asset issuance model aims to validate the approach of launching assets first, building communities, and then developing applications based on these communities to provide usage scenarios for assets. While this model has been preliminarily verified for attracting users and building communities, application launch still needs to be explored, and there are several challenges to solve:
– It is easy to attract users and reduce fraud through fair distribution, but how to solve the initial cost of building applications.
– Building applications takes time, and assets with high liquidity may not wait for the application to be developed. Therefore, it is more suitable to initiate the issuance of low-liquidity assets, which can later become high-liquidity assets. However, seamless switching is a direction to explore (ERC404, Movescriptions).
Although there are many challenges, the advantages of this model are also evident:
– Assets come first, and applications are derivatives of assets, ensuring that the lifecycle of assets exceeds the lifecycle of applications.
– Only with this model can there be composability scenarios where the same asset is used in multiple applications, which is the most crucial point that distinguishes blockchain applications from Web2 applications.
– In this model, application teams do not need to issue assets but can benefit from providing usage scenarios for assets, thereby solving compliance issues faced by Web2 application development teams.
The combination of these two exploratory directions will lead to the emergence of a large number of assets and applications, and that will be the true bull market.”