The innovation in the field of encryption has not stopped, but has entered a higher level of evolution. We can refer to the development path of other technological waves, such as smartphones. 1、 Early innovation is explicit and the most perceived When smartphones were first introduced, people were most concerned about various "small and new" features in the first few years: • Can listen to the radio • Comes with a flashlight • Multi touch A variety of apps bloom These intuitive novelty points have attracted a lot of attention and sparked extensive media discussions. 2、 After the establishment of platform standards, innovation shifted to deeper levels and the scale exploded Later, as the two major camps of Android and iOS formed a stable pattern, platform level major version updates received less and less attention, the media no longer hyped system upgrades, and users' perception of "innovation" tended to be sluggish. But this does not mean technological stagnation, on the contrary: Mobile phone chips, underlying systems, security architecture, and AI algorithms continue to evolve, The market size of the entire smartphone industry has experienced exponential expansion after the platform was established. 3、 The same applies to fields such as social networking, e-commerce, and transportation Both the growth of social media and the evolution path of "group buying wars" and "taxi wars" have similar characteristics: In the early stages, there was fancy competition between platforms, competing for features, subsidies, and new products. Once a monopoly pattern is formed, the focus of user growth shifts to market penetration and the establishment of user habits. Although the platform's "novelty" has decreased, the business scale has instead experienced rapid growth. 4、 Today's cryptocurrency market is reaching the same stage The same goes for the cryptocurrency industry: In the past few years, we have been discussing DeFi innovation, NFT revolution, Layer 2 scaling Nowadays, although the media no longer frequently reports on "what new mechanisms have been introduced by a certain protocol", it is not that innovation has stopped, but that these technologies have sunk to the bottom and become part of the platform's infrastructure. We are in a stage where vertical integration has been basically completed and the platform pattern has been preliminarily established. The core theme for the next step will shift from "innovation" to "scale expansion". 5、 Next stage: Platform based projects will usher in a golden period of development Bottom level innovation continues to deepen, and what truly drives the industry's explosion is the large-scale implementation and ecological construction of platform projects. These platforms may experience explosive growth in the next cycle. The transformation of innovation from explicit to implicit is a necessary path for every mature technology field. The current encryption industry is not lacking in innovation, but has entered a higher level and deeper structural evolution stage. The next keyword is not 'whether there are new features', but' whether there is the ability to scale up '.