The next phase of competition is no longer about "whose narrative is more attractive," but rather: whose system can truly support the demand.

On the contrary, as more and more teams embrace EVM, they are beginning to redefine a question: Are we choosing a chain, or are we choosing a growth strategy?

This may sound like a further step in technical upgrades, but it is essentially an inevitable choice for applications after entering the deep waters of growth. Once product validation is complete, transaction behaviors stabilize, and user scale expands, applications begin to be dissatisfied with "renting someone else's underlying infrastructure." Instead, they aim to control the key user experience and critical revenue streams themselves.

The on-chain world often begins with code, but true impact ultimately resides in the real world. When Web3 projects start considering how to make their symbols appear on the streets, in people's daily conversations, and in the childhood memories of the next generation, this industry has truly found its path to the masses. Technology builds possibilities, but culture determines how far those possibilities can go.

The most important investment principle is: do not concentrate all your assets on a single Bitcoin wrapper scheme. Just as diversification of native crypto assets can reduce portfolio risk, a diversified strategy should also be adopted in the Bitcoin wrapper space.

In the same week that ZEC surged, Vitalik released a Trustless Manifesto, while Cloudflare outages paralyzed 90% of Web3 projects worldwide.

The rise of the curator model is essentially an inevitable result of the "specialization" in the DeFi field. However, we need to be soberly aware that this model is far from perfect. The bright side is obvious: professional teams can provide more refined risk management, faster market response, and more user-friendly interfaces for institutional connections.

The market frenzy will eventually subside, but the cultural values that have been accumulated in the process will likely continue in various forms. The significance of NFTs as a tool will ultimately be defined by these practices.

It's too early to say whether this deal will ultimately succeed or fail. But it has certainly opened a window into the changes taking place in the crypto industry: from chaotic growth to strategic consolidation, from code worship to user supremacy, and from single-chain competition to multi-chain collaboration.

If the past decade was the "anchoring era" for stablecoins, then the next decade will be their "service era."

Chris Yin concluded, “RWA’s future is just beginning. The most exciting ideas are yet to be born. We are building a whole new world where crypto assets and real-world assets will truly merge, creating unprecedented opportunities for users worldwide.”

True democratization won't happen overnight; it requires the coordinated development of multiple aspects, including technological advancement, institutional improvement, regulatory clarity, and user education. Only when we balance ideals with reality, innovation with compliance, and speed with sustainability can the crypto world truly open its doors to everyone. This is not only an inevitable trend in technological development but also the path to realizing the original vision of blockchain technology.

全球数万亿美元的传统资产长期停留在中心化体系或冷钱包中，流动性低、可编程性弱，而代币化不仅能释放流动性，还能将智能合约与DeFi机制引入传统资产市场。然而，从潜力到落地，RWA的发展一直受限于制度、法律及技术壁垒。

但从技术发展的客观规律来看，复杂性的逐步隐藏和入口的持续简化是不可逆转的趋势，Web 3的"无感化时代"可能比我们预期的更快到来。

In short, the DeFi craze brings more than just price fluctuations; it also provides a window for observing, understanding, and exploring promising projects. Rational investors should remain calm amidst the craze and focus on track trends and the core value of projects.