I have always believed that cryptocurrencies have real value. Its core value lies in 'being used by people'. Take Bitcoin (BTC) for example; its main function now is no longer for payment, but as a form of 'digital gold' for value storage, which is a tool for anchoring assets.

The United States is trying to control the pricing of Bitcoin through market means. They are turning 'digital gold' into 'paper gold' using spot ETFs, physical delivery, and other methods. Once manipulated by capital, market activity and freedom will inevitably decline.

At this point, I actually feel that cryptocurrencies like ETH or SOL are more likely to break this situation.

Although many people are currently pessimistic about Ethereum, we must acknowledge that Vitalik Buterin is indeed a genius, and a 'genius among geniuses'. Protocols like ERC-20 and ERC-721 have almost laid the foundation for the entire blockchain ecosystem, directly promoting the development of industries like DeFi and NFTs.

Now new protocols, such as ERC-4337 (Account Abstraction) and ERC-6551 (Token-bound Account), have also been launched, and I sincerely hope they can bring some real new gameplay. Especially in the area of on-chain gaming, if it can really take off, the entire industry has great hope for the next five years. Otherwise, I fear these years may really become a 'technical dormancy period', with only PvP left in the industry.