Simply based on the Trump family's reputation, @worldlibertyfi's market capitalization reached $7B at launch. With virtually no reliable ecosystem support, its market expectations surpass those of blue-chip crypto-native protocols like AAVE, Uniswap, Ethena, and Pendle. Why? The answer is clear: the prevailing trend in the crypto industry has completely shifted. Here are a few observations: 1) Regarding Wall Street institutions, the popularity of a new Wall Street DAT narrative has overshadowed previous technical narratives like Layer 2, BTCFi, and ZK. Fact proves that institutional adoption truly drives incremental growth, even if many of these operators harbor ulterior motives. 2) With a focus on capital efficiency, the market is no longer focused on the TPS arms race and superficial TVL shows, but on how to maximize yield from limited funds. For example, @Dolomite_io's liquidity reuse, @MitosisOrg's programmable liquidity innovation, @apr_labs' MEV value capture and high-frequency trading flywheel, and so on, all tell stories about improving capital efficiency. 3) Financial engineering > technical concepts. Crypto's expansion from finance to non-financial sectors seems to be a vicious cycle. Every cycle talks about mass adoption, but ultimately returns to its most fundamental financial trading scenarios. The allure of complex cryptography and consensus mechanisms has long faded, replaced by structured product design that is deeply versed in financial operations. For example, @HyperliquidX's on-chain order book depth and CEX-level trading experience have almost made people forget about decentralization, while @pendle_fi's Boros protocol innovation has opened a Pandora's box for traditional finance. Facts have proven that sophisticated financial engineering is far superior to complex technical concepts. 4) The B2B2C model has replaced the purely consumer-centric narrative. Facts have long proven that in the cryptocurrency world, there is only one business model that effectively serves and drives retail investors: exchanges. These centralized, monopolistic, and not-so-cool local tyrants are the norm. For typical builders seeking on-chain innovation, it's wise and prudent to first serve institutions and then allow them to serve retail investors. Therefore, within TradFi's product positioning, customized institutional vaults, whitelisted pools, KYC thresholds, and AMM optimizations will become innovative areas. 5) Compliance has become a barrier to entry for innovation. Once upon a time, compliance wasn't a primary concern for crypto innovation, often simply an afterthought. However, under the new trend, obtaining licenses before developing products is more effective than pursuing compliance first. Alternatively, compliance has become a new unfair competitive advantage, as exemplified by the Trump family's reliance on government resources and their drastic actions against the cryptocurrency market. Coinbase's @base, Circle's USDC expansion strategy, and even the market expectations and valuation logic behind the Trump family's WLFI have proven the effectiveness of this approach. In short: the next decade of crypto may no longer belong to geeks who change the world, but to those who understand how to package the on-chain world into financial products that Wall Street can understand. Do you agree? Note: Lately, I've been focusing on products and protocols oriented towards financial services and capital efficiency, and I'll be sharing my insights from time to time. If you've noticed similar protocols, please share them in the comments section.