Author: Haotian

After observing the projects recently favored in the primary investment market, a commonality was found: they tend to favor "hybrid innovation," using web3 technology infrastructure to support the mature business logic of verified web2 business models.

For example, @golightyear moves traditional stock ETF investment logic to web3, @HilbertCapital specializes in digital asset quantitative strategies, @bitcoin2100m focuses on professional allocation of crypto assets, and @ElysiumLabio creates a Bitcoin daily payment wallet, among others.

Most of these projects fall into the category of integrated innovation, essentially aligning with the operational logic behind some web3 projects "backdoor listing" and some US stock reserves of crypto assets venturing into Crypto.

Why is this trend emerging? To be honest, there are three core reasons behind it:

1) Purely native on-chain innovative projects are encountering a ceiling. Not only is it difficult to break through user scale, but the business model also heavily relies on Tokenomics incentives. The key issue is that the narrative and business design have fallen into a "self-indulgent" dilemma, which is clearly very passive in a relatively illiquid and sluggish market;

2) The "crypto-friendly" characteristics of the regulatory environment are becoming apparent. The establishment of BTC and ETH spot ETFs, the GENIUS and CLARITY bills, and the FOMO entry of Wall Street financial institutions, among others, have transformed crypto assets from niche speculative targets into more mainstream financial derivatives. Undoubtedly, in this context, actively embracing mature traditional financial business models or actively seeking hybrid innovation directions with usable web3 technology infrastructure will be "hot commodities";

3) Users' investment demands are also maturing. Originally, crypto users often cared about whether products or protocols were decentralized and rated projects based on consensus strength. However, with the influx of mainstream web2 crowds, users are now primarily concerned with usability, safety, and profitability. Therefore, products that are simpler in experience and more direct in effect will have a larger market.

So, what will the investment direction look like going forward? Following this line of thought, one can make a judgment that the mainstream investment direction in the next 3-5 years may revolve around the "crypto transformation of traditional businesses":

1. Investment, payment, asset management, insurance, credit, supply chain finance, cross-border trade settlement, and other segmented financial markets will see a surge of projects based on "traditional business logic + crypto technology infrastructure." Crypto infrastructure will tend to be hidden in the backend, only solving cost, efficiency, and transparency issues, while the frontend experience perceived by users will be almost indistinguishable from traditional products;

2. The "invisibility" of technological standardization and infrastructure will become an important trend. The new infrastructure supporting web3 + web2 hybrid innovation will no longer be limited to the original Crypto Native category, nor will it pursue the coolness of technical concepts, but will focus solely on providing reliable, efficient, and low-cost crypto technology support. "Modularization, chain abstraction, etc." will no longer be the hot tracks in demand, but will genuinely become the foundation of some standout products;

3. Traditional financial institutions will shift to "actively entering the market." It will no longer be a simple matter of buying coins for reserves or investing in web3 projects, but rather directly using their own licenses, resources, and user bases to localize crypto business transformations. For example, banks launching stablecoin payments, insurance companies creating on-chain policies, and brokerages providing crypto asset custody. This involvement of giants will bring larger scales of capital and users, as well as intensify the productization competition, driving the gradual maturation of the industry.

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