The core of any asset's value ultimately comes down to two dimensions. One is objective scarcity—the physical shortage, with supply inherently limited. The other is subjective recognition—community confidence, cultural endorsement, and narrative support, which create the premium space.

The same logic applies in the world of digital assets. Bitcoin is valuable not only because of its fixed supply cap of 21 million but also because of the market's long-term recognition of its store of value properties. Similarly, certain high-scarcity on-chain assets can establish a valuation system once they gain ecosystem consensus.

The question is, how to scientifically quantify these two aspects? A modern valuation framework must consider liquidity, supply cycle, community depth, and practical application simultaneously. Relying solely on scarcity can lead to overestimation, while blindly following market trends can result in being cut. Balance is the key.