📍Perspective Extension:
1) L2 standardization and interoperability still fundamentally fail to solve the decentralization problem in the Ethereum ecosystem; even the chain abstraction solutions are a version ahead of interoperability solutions.
In the primary market, activities centered around Vitalik have become less frequent. The only thing Ethereum can present is the mainstream development pattern dominated by EVM, but despite holding such an important position, there is insufficient ecological vitality, which itself indicates many issues.
2) The tokenized securities launched by Robinhood, in my view, are completely more about form than substance, at least for the industry. We cannot say that they promote the concept of Web3, nor can we claim that they bring vitality to the RWA track. Because these tokens can only circulate within the platform and cannot interact with the outside world, they cannot enrich the categories of on-chain derivatives. We can only say this is a new market attempt by Robinhood to cater to the European MiCA regulatory framework.
3) The current observable trend is that the crypto market during Trump's term will slowly return to a path of development. The application of Web3 concepts is gaining attention in the mainstream software market. This is favorable for projects in the new cycle that have minimum viable products.
