I read through Lao Bai’s interview carefully, and the information density and knowledge capacity were severely overloaded. My head was buzzing after I finished. I’ll extract a few viewpoints that resonate with the same frequency and share them:
1）Don’t deny this industry because so many projects have died in the Crypto space. DeFi, GameFi, NFTs, prediction markets, and so on—some projects will die, but there will always be projects that ultimately survive, and it will keep getting better. At its core, the programmable financial kernel behind traits like blockchain decentralization, permissionless access, and censorship resistance has real peer-to-peer value transfer utility that matters, even if not many people pay attention.
2）The failure of tokenomics models has had a bigger impact on the Crypto industry than people imagined. At least in most people’s impression, the coin-world has largely been driven by wealth-building effects supported by continuous “new token issuance” expectations. Without newly issued native assets, relying only on TradFi’s existing assets, the industry will lose its appeal to the Build side—VCs, developers, project teams, and others. Consumer-side retail investors alone can’t sustain it.
3）Crypto has brought stablecoins and perpetual contracts into the traditional finance world, and it has already proven its industry value. Whether it’s the political urgency of dollar-denominated debt or the high efficiency of innovative financial instruments like Perps, these benefits come from Crypto. But before the stablecoin market reaches the scale of trillions and before US stock institutions truly price Perps on-platform, everything is still too early.
$HYPE
;
4）The Agentic Economy is definitely going to happen—and it will be the final form presented by the AI + Crypto narrative. But the process of building infra like agent wallets, agent trading, x402, Agent Chain, and the like will be painful. Crypto can only find edge-case differentiated opportunities under the dominant guidance of web2’s traditional institutions—but honestly, that may be enough.
1）Don’t deny this industry because so many projects have died in the Crypto space. DeFi, GameFi, NFTs, prediction markets, and so on—some projects will die, but there will always be projects that ultimately survive, and it will keep getting better. At its core, the programmable financial kernel behind traits like blockchain decentralization, permissionless access, and censorship resistance has real peer-to-peer value transfer utility that matters, even if not many people pay attention.
2）The failure of tokenomics models has had a bigger impact on the Crypto industry than people imagined. At least in most people’s impression, the coin-world has largely been driven by wealth-building effects supported by continuous “new token issuance” expectations. Without newly issued native assets, relying only on TradFi’s existing assets, the industry will lose its appeal to the Build side—VCs, developers, project teams, and others. Consumer-side retail investors alone can’t sustain it.
3）Crypto has brought stablecoins and perpetual contracts into the traditional finance world, and it has already proven its industry value. Whether it’s the political urgency of dollar-denominated debt or the high efficiency of innovative financial instruments like Perps, these benefits come from Crypto. But before the stablecoin market reaches the scale of trillions and before US stock institutions truly price Perps on-platform, everything is still too early.
$HYPE
;
4）The Agentic Economy is definitely going to happen—and it will be the final form presented by the AI + Crypto narrative. But the process of building infra like agent wallets, agent trading, x402, Agent Chain, and the like will be painful. Crypto can only find edge-case differentiated opportunities under the dominant guidance of web2’s traditional institutions—but honestly, that may be enough.