The field of cryptographic infrastructure is undergoing a value reshaping, with over 70% of Layer 2 chains becoming 'ghost chains', exposing deep-seated contradictions of homogeneous competition and overbuilding. There are significant flaws in the token distribution mechanism—projects with a fully diluted valuation (i.e., total value after all tokens are in circulation) median of $2.3 billion, with circulating market value accounting for less than 5%, will face sustained selling pressure in the next two years.
Breakthrough innovations may focus on pragmatic directions: Monad achieves a tenfold throughput increase by optimizing existing technology, Ondo embeds real asset tokenization into traditional financial systems, and Story explores digital applications of intellectual property. These projects gain market recognition by solving practical problems rather than just talking about technological concepts.
Risk dimensions: Advanced technologies have yet to form effective use cases, insufficient ecological collaboration exacerbates systemic risk, and regulatory scrutiny may reshape the industry landscape. It is recommended to pay attention to projects with annual revenues exceeding $7 million and controllable token releases, while being wary of paper innovations that rely on inflation models to maintain false prosperity.