Just based on the concept of the Trump family, the market value of @ worldlibertyfi's online circulation has reached 7B. With almost no reliable ecological project support, its market expectations exceed those of many Crypto Native blue chip protocols such as AAVE, Uniswap, Ethena, Pendle, etc. Tell Me Why？ The answer is clear: the Build trend in the crypto industry has completely changed. Here are some observations to share: 1) To Wall Street institutions, the popularity of a new narrative about Wall Street DATs has overshadowed many previous technological narratives such as Layer2, BTCFi, ZK, etc. It has been proven that adoption from institutions truly brings incremental growth, even though most of their operators harbor malicious intentions; 2) Focusing on capital efficiency, the market is no longer focused on TPS arms races and superficial TVL shows, but on how to generate more yield returns with limited funds. For example, @ Dolomitie_io's liquidity reuse, @ MitosisOrg's programmable liquidity innovation, @ apr_1abs' MEV value capture, and high-frequency trading flywheels all tell stories of how to improve capital efficiency without exception; 3) The expansion of Crypto from financial to non-financial fields seems to be a vicious cycle, with each cycle focusing on mass adoption, but ultimately returning to the most fundamental financial trading scenarios. The charm of complex cryptography and consensus mechanisms is no longer replaced by structured product design that is well versed in financial business. For example, the on chain order book depth and CEX level trading experience of @ HyperliquidX have almost forgotten about decentralization, while the Boros protocol innovation of @ postle_fi is like opening Pandora's Box in traditional finance. It has been proven that precise financial engineering design is much stronger than complex technical concepts; 4) The B2B2C model has replaced the pure C-end narrative, and it has been proven that there is only one business model in the cryptocurrency industry that can serve retail investors well and drive retail investors: the exchange, which is both centralized and has a dominant monopoly, is not as cool as the local leader model. It is smart and wise for most builders to innovate around Onchain by first serving institutions and then letting institutions serve individual investors. Therefore, under TradFi's product positioning, services such as Vault, whitelist pool, KYC threshold, AMM optimization customized for institutions will become innovative directions. 5) Compliance has become the entry threshold for innovation. Once upon a time, Crypto innovation and compliance were not the first principles, and they were mostly done after the fact. However, under the new trend, obtaining a license before making a product is more effective than seeking compliance after making the product. Or, in other words, compliance has become a new unfair competitive advantage, such as the TRUMP family, which holds the advantage of government resources, cracking down on the cryptocurrency industry by reducing its dimensionality. Coinbase's @ base, Circle's USDC expansion path, and even the market expectations and valuation logic behind the Trump family's WLFI have all validated the efficiency of this path. The above. In one sentence: The next decade of Crypto may no longer belong to geeks who change the world, but to those who know how to package the on chain world into financial products that Wall Street can understand. Do you agree? Note: Recently, I have been focusing on financial services and capital efficiency oriented products and protocols, and I will occasionally share my insights with everyone. If friends have noticed similar protocols, they can share and interact in the comment section.