Why do people think there is no narrative innovation in this round?

Because both VCs and project owners are still staying in their original comfort zone.

The earliest WEB3 was a large wasteland. BTC was the first to be reclaimed, followed by ETH. At that time, everyone wanted to cultivate more land on the wasteland to FARM (obtain incremental funds and users).

Nowadays, almost everyone is working hard on the existing one-third of an acre of land, competing with each other for the pitiful little bit of stock market. Repeating labor on the existing land (supply-side reform) cannot solve the problem on the demand side at all, let alone obtain incremental growth.

Let's take a look. How many founder teams of projects preparing to issue coins this year are teams that have done "successful projects" in the last round of bull market. VC internship - investing in projects - doing projects by yourself - looking for VC financing - changing to the next project to raise money and cut retail investors has become a paradigm at the industry consensus level, so don't blame retail investors for not taking over and only playing memes.