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Original author: MaxWong@IOSG TL;DR Infrastructure is saturated; consumer applications are the next frontier. After years of pouring money into new L1s, roll-ups, and development tools, the marginal gains in technology are minimal, and users are not automatically flocking in just because the technology is “good enough.” Value is now created by attention, not architecture. Liquidity is stagnant and retail investors are absent. The total market value of stablecoins is only about 25% higher than the historical high in 2021. The recent increase mainly comes from institutions purchasing BTC/ETH for their balance sheets, rather than speculative capital circulating within the ecosystem. Core conclusion Friendly regulatory policies will unlock the “second wave” of development. Clearer US policies (Trump administration, stablecoin bill) will expand TAM and attract Web2 users who only care about…# Analysis# crypto# defi# ethereum# Exchange# Market# Token# web3Pre
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