The Battle of New and Old Projects: The Pattern Quietly Changes. '炒新不炒旧' (Focusing on New Over Old) Was a Distinct Label of the Last Cycle. Looking back at the end of 2020, the top twenty by market capitalization were filled with LTC, BCH, BSV, XLM, XMR, EOS, NEM, and other old projects that may now be forgotten by many. At that time, a large number of emerging projects quickly rose up, forcefully pushing these 'predecessors' out of the top rankings.

However, this cycle presents a different picture: Emerging projects are still fierce: Indeed, many new projects with innovative concepts, appealing narratives, and active teams have emerged.

Old Veterans Shine Again: What is more noteworthy is that 'middle-generation' projects like SOL, BNB, AVAX, UNI, NEAR, FTM, GALA, YGG, STX, which shone brightly in the last cycle, have made a strong comeback to the center stage after experiencing the baptism of a bear market, thanks to their ability to seize new narratives, proactive teams, and flexible market capitalization management. Therefore, it may not be realistic to expect this round of new projects to 'completely replace' old projects as in the last round. Many 'old faces' still possess strong competitiveness.

Capital Fragmentation: Lack of a Mainline 'Group Charge'

In the last cycle, 'DeFi+' was the absolute main narrative. The speculation path was clear: starting from DeFi on ETH, spreading to BSC, Matic (Polygon), and then sweeping SOL, AVAX, FTM in the second half of the year. The capital scale was large and exhibited a clear characteristic of 'sector rotation and collective charge'.

In contrast, at present:

Market Consensus is Fragmented: Some are optimistic about AI + Blockchain, some are betting on RWA, some are wagering on GameFi, and others are chasing MEME coins... The result is that we have yet to see a 'grand scene' where a certain sector continues to relay and rise. Instead, we observe a rotation pattern of 'each taking the lead for two or three weeks, then retreating to consolidate and build momentum'.

Application Implementation: The Cornerstone of Long-term Value

An unavoidable fundamental issue is: Without large-scale practical application implementation, it is difficult to generate real, sustainable value. Without value creation, the market naturally cannot receive positive external injections (such as user growth, ecological prosperity, income increase, etc.). Not being able to see a clear application prospect in the long term will ultimately leave the market filled with doubts about its future long-term value. No matter how well the story is told, implementation is the hard truth.