Originally, I was quite confused about what the next major narrative wave for Crypto would be. But after recently interacting with some teams shilling projects to VCs and KOLs under the name of @binance Alpha, I suddenly had an epiphany: The surface-level evolution path: ICO —> DeFi —> NFT —> Metaverse —> Ordinals —> DeSci —> AI Agent —> Perp Dex The actual closed loop: ICO —> DeFi —> NFT —> Metaverse —> Ordinals —> DeSci —> AI Agent —> ultimately unified under Binance Alpha Back to the ICO era, where the once-bustling narratives can start all over again . Is that how it is?