Currently, the entire blockchain industry seems to be stagnant, as if trapped in a deadlock: project teams issue tokens, launch them on Binance, hype up their valuations, and ultimately take turns harvesting investors like 'chives'. This cycle repeats itself, making it difficult for the industry to truly move forward.

I believe that for blockchain to develop healthily, it may require a major cleanup. But this should not be a simple and violent suppression; rather, a set of lightweight and targeted regulatory schemes should be established. The data of blockchain itself is open and transparent, making it easier to regulate than traditional industries. Regulation does not need to cover every aspect; it only needs to focus on a few key points, such as: the background of the project team, the financing process, and whether the smart contracts are legal and compliant—these would be sufficient.

Some current practices in certain projects are truly hard to watch. For instance, many DeFi (Decentralized Finance) projects, which are clearly providing financial services, insist on calling themselves 'network protocols' or 'commodity services', fearing scrutiny from the U.S. SEC. Some even go so far as to distance themselves by creating their own blockchain, which, frankly speaking, is just changing their guise to continue engaging in financial activities. This kind of behavior is no different from fraud.

Additionally, some projects' so-called 'financing' simply consists of posting on social media, claiming that someone invested, and calling it a day.

In the end, 'decentralization' should not be a shield for fraud; any technology should aim to improve lives, rather than becoming a tool for a few to exploit others.

On the contrary, directions like RWA (Real World Assets) and CeDeFi (Compliant Decentralized Finance) are more promising. They attempt to combine traditional finance with blockchain, being both innovative and more reliable. However, the issue is that achieving compliance comes with high thresholds and costs.

Overall, in the short term, the market may still remain in a low and 'bear market', but in the long run, there is hope for the industry to return to a healthy development track.