Stagnation of Innovation, Capital Flight: Liquidity in the Crypto Space is Gradually Drying Up

The crypto space once attracted global capital due to technological innovation, from Bitcoin to Ethereum, and then to DeFi, NFT, and GameFi. Each wave of narratives brought liquidity and excitement. However, today the industry is stagnant: EVM dominates everything, developers are forced to revolve around Solidity, and the space for innovation is compressed; what are called new public chains are just old technologies repackaged, with 'compatible with Ethereum' becoming a conservative fig leaf.

Project teams no longer focus on fundamental breakthroughs but rather on marketing, airdrops, and narratives; funds no longer favor genuine developers but chase speculative plays that can cash out quickly. Over time, with no technological progress and no user surprises, liquidity naturally shrinks. Capital is not heartless but is making a rational vote against weak innovation. Money is not scared away by the 'bear market' but is driven off by 'copy and paste.'

Liquidity is not built up by marketing hype but is based on the expectation of future technological dividends. If the crypto space does not return to being technology-driven, abandon its dependence on EVM, and redefine the paradigm of chains, it will only accelerate its decline. Without innovation, there is no funding; without breakthroughs, there is no future.