The next decade of Crypto belongs to those who can package the on-chain world into financial products that Wall Street can understand.

Written by: Haotian

Just based on the concept of the Trump family, @worldlibertyfi has reached a circulating market value of $7B. There are almost no reliable ecological projects supporting it, yet its market expectations surpass those of AAVE, Uniswap, Ethena, Pendle, and other Crypto Native blue-chip protocols. Tell Me Why? The answer is clear: the current trend in the Crypto industry has completely shifted towards Build, sharing several observations:

1) For Wall Street institutions, the new narrative of Wall Street DATs has overshadowed previous technical narratives like layer2, BTCFi, ZK, etc. It has been proven that adoption from institutions will truly bring incremental growth, even if most of the operators among them harbor ill intentions;

2) Emphasis on capital efficiency: the market is no longer focused on the TPS arms race and superficial TVL Show, but rather on how to generate more Yield from limited funds.

For example, @Dolomiteio's liquidity reuse, @MitosisOrg's programmable liquidity innovation, @aprlabs' MEV value capture, and high-frequency trading flywheel all tell stories about enhancing capital efficiency;

3) Financial engineering > technical concepts: the expansion of Crypto from finance to non-financial fields seems to be a vicious cycle, with each cycle discussing external Mass Adoption, but ultimately returning to the most fundamental financial trading scenarios. The allure of complex cryptography and consensus mechanisms has long faded, replaced by structured product design that deeply understands financial business.

For instance, @HyperliquidX's on-chain order book depth and CEX-level trading experience have made everyone almost forget about Decentralized, while @pendle_fi's Boros protocol innovation has opened a Pandora's box of traditional finance. It has been proven that precise financial engineering design is far superior to complex technical concepts;

4) B2B2C model replaces pure C-end narrative: it has long been proven that the business model that can serve retail investors well and drive them in the crypto space is only one: exchanges, which are both centralized and monopolistic, not so cool local tyrant models. General Builders who want to innovate around Onchain should wisely choose to first serve institutions and then let institutions serve retail investors.

Thus, under the product positioning of TradFi, services customized for institutions such as Vaults, whitelist pools, KYC thresholds, and AMM optimization will become directions for innovation.

5) Compliance has become the entry threshold for innovation: once upon a time, compliance in Crypto innovation was not a first principle, mostly a post-facto ticketing, but under the new trend, obtaining a license before developing a product is more effective than developing a product first and then seeking compliance. In other words, compliance has become a new unfair competitive advantage, such as the TRUMP family's dimensionality reduction attack on the crypto space due to their mastery of government resource advantages.

The expansion path of Coinbase's @base, Circle's USDC, and even the market expectations and valuation logic behind the Trump family's WLFI have already validated the efficiency of this path.

In summary: The next decade of Crypto may no longer belong to the geeks who change the world, but to those who understand how to package the on-chain world into financial products that Wall Street can comprehend.

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