I believe that the next development of cryptocurrencies will show a clear trend of capital aggregation, whether retail or institutional investors will gradually turn to those that have been operating stably for a long time.
In the past, the market was keen on storytelling, speculation, and chasing short-term trends. However, after experiencing systemic risk events like 'Death 1011', both institutions and ordinary investors have begun to realize that even institutions can get stuck in the mud and pay a heavy price by blindly chasing fads. Mature retail markets like South Korea have also learned to be rational through repeated pain, turning to targets that combine long-term value and price elasticity. For exchanges, the crazy cycle of launching projects and repeating the wheel has come to an end; the tide has receded, and both retail and institutional investors see through the boring game played by the 'big hands' behind it.
Looking back, whether it's MeMe, RWA, or BTCFI, they are essentially still in the stage of rehashing old ideas, and they are not even real 'hotspots'. Everyone knows that RWA holds the potential to bring traditional assets worth trillions onto the blockchain, but any grand vision must rely on solid and trustworthy underlying infrastructure to be realized.
In this process, AAVE is a highly representative example. It did not chase fads but focused on the sustainability, security, and global availability of the protocol, proving the value of 'long-termism' through years of stable operation. It is this development path that does not rely on narratives but is supported by actual use that allows it to maintain resilience during bear markets and ultimately be rediscovered by the market.
I believe that in the upcoming cycle, more similar projects will return from the bottom to the peak; they may be low-key, but their foundations are solid. They do not rely on hype, yet will ultimately be recognized for their value.
