The era of "collective wealth accumulation" in the cryptocurrency world has come to an end.
We can understand this transformation from the following three dimensions:
- The "diversion" of speculative forces
In the past, cryptocurrencies were the only destination for global venture capital. Now, generative AI and robotics have become strong competitors, siphoning off a significant amount of liquidity.
The result is that while previous bull markets saw altcoins collectively take off, now there is extreme differentiation.
Only sectors that can genuinely capture value will survive, while most projects that "live off narratives" are being abandoned by the market.
- From "fat protocols" to "true value"
The long-standing core theory of the industry, "fat protocols" (which posits that the infrastructure layer is the most valuable, while the application layer is not), is collapsing.
▌Infrastructure commoditization: There are now too many public chains, and block space is no longer scarce.
As the technical barriers lower and costs approach zero, simply creating a "fast" chain no longer carries a premium.
▌REV core theory: The current investment standard has shifted from "looking at vision" to looking at REV (real economic value).
That is: how many real users are paying transaction fees on this protocol every day? Can this money be distributed to token holders?
Protocols that cannot generate cash flow essentially only "harvest" holders through inflation.
- The "unification" of the financial foundation
Cryptocurrencies are evolving from a type of "asset" into a set of "financial rails."
▌Stablecoins have surpassed speculation and become a true killer application. They are compressing the entire payment industry's chain.
▌Self-custody wallets are replacing securities accounts. You can hold U.S. stocks, foreign exchange, commodities, and cryptocurrencies all in the same interface with the same wallet.
▌Value is migrating to the application layer; whoever controls the user entry point (aggregated application layer) holds the pricing power.
In summary, the era of "passively allocating cryptocurrencies to get rich" is over.
The future cryptocurrency market will be supported by two pillars.
Bitcoin: Evolving into an independent macro-anchored asset, competing alongside gold and government bonds.
Application infrastructure: Capable of generating real income, connecting real assets, and "hiding" the complex underlying blockchain logic behind a smooth user experience.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
