Organized & Compiled by: Deep Tide TechFlow

Guests: Mike Ippolito, Co-founder of Blockworks; Host: David Hoffman, Bankless

Key Points Summary

David Hoffman and Mike Ippolito discuss why 2025, despite reaching historical highs, seems exceptionally challenging, and why this tension is crucial for 2026. They believe the crypto industry is entering a phase similar to the "2002 Internet"—a period where speculation gradually fades, fundamentals begin to matter, and industry consolidation accelerates. The conversation covers reasons why Ethereum may see a revival, why Bitcoin sentiment may face challenges, the actual performance of prediction markets and perpetual contracts, and what builders and investors should focus on as the crypto industry shifts from hype to real value creation.

(The video content is based on the 27 predictions proposed by Mike, but does not cover all predictions, focusing instead on selected key points for in-depth discussion.)

Highlights of Insights

• I hope cryptocurrency can have a greater positive impact on the world; I am tired of the crypto industry being labeled as the "Wild West" and "scams."
• Bitcoin's performance in 2026 will not be as good as gold.
• 2026 will be a very good year for DeFi.
• 2026 will be the year of Ethereum, while Bitcoin may have a rough year; Solana will be relatively quiet, and Hyperliquid will face challenges.
• 2025 is both the best and worst year; we did not see the price bull market everyone expected.
• The cryptocurrency market is transitioning from its previous Wild West, irrational state to a more rational, fundamentals-based approach.
• If we can identify projects with compound growth potential and choose the right protocols, there will be good opportunities in 2026 and beyond.
• In 2026, we may continue to see consolidation trends across multiple key categories. In the next three years, "survival is victory" will become the industry's main theme.
• Builders need to be prepared to be as creative as possible, think big picture, and strive to achieve their goals. They will either be acquired or succeed in their fields and achieve consolidation.
• 2025 and 2026 are years for positioning; without the frenzy, no one will suddenly become very wealthy because of cryptocurrency.
• During cycles, when people feel bored, exhausted, or worn out by the market, it is actually the best time to persist.
• 2026 will be a year of consolidation across multiple key categories; another theme is the integration of the stock market and cryptocurrency.
• If there is a DATS worth paying attention to, it might be Tom Lee's.
• Traders hope to complete all cryptocurrency and stock transactions on the same platform.
• Ethereum is more like a chain for asset issuance, while Solana is more like a venue for price discovery on DEX.
• Quantum computing is not just a cryptocurrency issue; it will impact society as a whole.
• Centralized exchanges will expand downwards or upwards depending on how they build their strategies. We will see more acquisitions in the future, and these launching platforms and centralized exchanges will actively participate.

Reflecting on 2025: The Best and Worst Year

David: Looking ahead to 2026, how would you evaluate or summarize the state of the cryptocurrency industry in 2025?

Mike: In my view, 2025 is both the best and worst year. The main reason is that we did not see the price bull market everyone expected. Although Bitcoin and some major coins reached historical highs, the overall performance was below expectations, especially for investors in marginal altcoins.

Ethereum and Solana broke historical highs at different points, but the extent was very small, leaving a confusing overall impression. This may be the most challenging year for cryptocurrency investment.

I believe the crypto industry makes more sense now than ever. An important theme this year is "cognitive dissonance." Many people feel this situation is unreasonable: the U.S. regulatory attitude towards cryptocurrency seems to have shifted to a "bear hug," we have seen the birth of many genius projects, and a clearer direction has emerged. Logically, these should drive asset prices up, but the market has not cooperated.

The reason behind this is that the cryptocurrency market is transitioning from its previous Wild West, irrational state to a more rational, fundamentals-based approach. This change was predicted before, but it is only now starting to manifest. Many excellent projects in the market are continuously improving, yet prices keep falling. This phenomenon may become a theme for 2026, as the market shifts from speculative valuations to fundamental valuations.

Although many projects in the market are excellent, their pricing has been consistently poor. I believe this will continue to trouble investors until 2026. However, if we can identify projects with compound growth potential and choose the right protocols, there will be good opportunities in 2026 and beyond.

David: In a sense, while we did see historical highs, the market did not truly feel the atmosphere of a bull market. Moreover, 2025 did not attract new groups of cryptocurrency participants. In fact, all cryptocurrency investors have been in this space for at least three years. This means that market participants' expectations for the industry have formed, but these expectations were shattered this year. We are becoming increasingly mature. Things are no longer the Wild West, and the market's expectations of the Wild West have not been realized, which I believe has led to a lull in market activity.

Mike: I want to give the audience an analogy; people often like to compare it to the internet industry. I believe we are now in a phase similar to the end of 2001 to early 2002 Web 2.0. During the internet bubble, there were many bold ideas, and everything seemed possible. However, the path dependency and timing planning at that time clearly had issues, leading to excessive infrastructure construction.

Recently, I have heard a lot of discussions about AI-driven topics, especially those related to GPU usage. During the period from 2001 to 2002, the situation with dark fiber was the opposite of today's GPU situation. At that time, the scale of submarine cable and bandwidth construction was enormous, but the problem was that this construction was severely excessive, ultimately leading to a massive bear market.

Meanwhile, a new generation of builders is entering the market. They recognize the existing infrastructure and build upon it, seeking new creative opportunities to establish businesses that can be passed down through generations. This phenomenon illustrates an important theme—consolidation. In 2026, we may continue to see consolidation trends across multiple key categories. In the next three years, "survival is victory" will become the industry's main theme.

My advice is for builders to be prepared, be as creative as possible, think big picture, and strive to achieve their goals. Frankly, there are basically two strategic options for builders: either be acquired or succeed in their fields and achieve consolidation. These are the two most viable strategic paths currently.

Looking Ahead to 2026

David: I believe 2025 and 2026 are very important years for positioning, especially on Ethereum. Regarding Ethereum, I think the L1 protocol performed quite well this year, such as zkEVM, which has developed faster than we expected.

Perhaps we are 1 to 2 years ahead in zkEVM, allowing us to significantly reduce block generation speed by 2026. By the end of 2026, I expect Ethereum's L1 protocol to better position itself to capture growth opportunities in tokenization, Wall Street, and other areas.

Additionally, I think we can talk about the Clarity Act, hoping it will pass in 2026, which will allow the entire cryptocurrency industry to better position itself. Even Solana is worth mentioning. Solana has finally integrated the Firedancer technology.

I believe 2025 and 2026 are quiet years for positioning; without the frenzy, no one will suddenly become very wealthy because of cryptocurrency. We are collectively working to put all elements on the table in the right way, preparing for potential value capture in the coming years.

Mike: Usually, when people talk about these things, there is an atmosphere: yes, these things will eventually happen; it is inevitable. But at the same time, people also feel frustrated because they cannot achieve 100x returns on altcoins.

However, I want to say that building real wealth now may be easier than in 1995. In the past five years, almost no one has made money in the cryptocurrency space. The reason is that it is a very difficult investment environment.

Aside from Bitcoin, Ethereum, and Solana, almost all other assets are more like trading tools rather than investment targets. I believe we have finally entered an environment where we can build something truly sustainable, and those who can achieve compound growth will achieve great success.

David: During cycles, when people feel bored, exhausted, or worn out by the market, it is actually the best time to persist. If you can endure these difficulties, you will be in a favorable position. I remember in 2019, the situation was that everyone involved in the Ethereum ecosystem was basically only focused on Bitcoin and Ethereum.

For example, if you stick it out and Ethereum positions itself reasonably, you will benefit from the DeFi summer. And you just need to endure the bear markets of 2017, 2018, and 2019 to get there because others have already left. The result is that opportunities in the market become very abundant. My feeling is that this situation will happen again because people are being worn down by the market, and the market is not igniting investors' enthusiasm.

Mike: We will validate or overturn some long-held beliefs in the industry. In the past, the crypto market was a relatively irrational, very early market where creating real value was not a necessary condition.

Which beliefs were correct and which were wrong in the past have not been clearly defined, but I believe that by 2026, many things will have clear decisions. I also believe that 2026 will be a year of consolidation across multiple key categories.

Additionally, I think another theme is the integration of the stock market and cryptocurrency. Cryptocurrency will develop in a way that is more based on fundamentals and real value, while the stock market will also borrow some characteristics from cryptocurrency. I believe this integration has already begun to happen.

Investor Relations in the Crypto Space

David: This is a current topic—investor relations will become increasingly important. Investors will demand standardized financial disclosures. Community management of investor relations may merge with traditional stock markets, and traditional markets may realize that they need to do the same.

Mike: I believe people need to build a mental model. When a business does not have publicly traded financial instruments, it only has one product. But once publicly traded financial instruments, like tokens or stocks, are introduced, the founders of the business actually have two products: one is the business, and the other is the financial instrument. This means you need to constantly tell the market the story of this asset.

You need narrative management; businesses cannot expect that "if you build it, they will come."

I have also observed how the stock market operates, and some aspects are done very well, such as the standardized financial reporting system (like GAAP). But at the same time, there are some things that seem very outdated.

A few years ago, CoinShares, as a publicly listed company in Europe, conducted quarterly earnings releases via Twitter Spaces. Now, we are starting to see some protocols or companies, like Etherfi, adopting similar approaches. Vlad Tenev has stated that they are rethinking Robinhood's investor relations to make it more community-driven. Therefore, I believe the crypto space will borrow certain principles, like standardized processes, but in the long run, the stock market may realize this and start rethinking their operations.

David: We have already seen Coinbase and Robinhood hosting product launch events similar to Apple's this year. We need to take control of our narrative. This approach can directly target those interested in Robinhood. I remember Coinbase has held several similar events, such as the launch of Base, where they directly introduced these topics to their audience and explained why these products are worth investing in.

Mike: I think this is a significant change this year, and I have two related predictions. I believe there will be a lot of discussions about GAAP accounting standards this year.

This joke illustrates that there is a lot of flexibility in accounting treatment. Even among many data providers in the crypto space, the standards are very inconsistent, and the revenue figures reported by different companies vary widely. This necessitates a recognized standard to clarify how to handle revenue, how to calculate costs, and how to aggregate this data into cash flow statements.

Of course, there is some flexibility in accounting treatment, but there are also rules. However, for cryptocurrency companies, the burden remains too heavy, and it is very difficult to meet such standards. While some lightweight solutions may emerge, I believe there will be a lot of discussions about GAAP accounting standards this year, but the entire industry is still unable to meet this standard.

There has also been a lot of discussion about dual-token equity structures. My long-term prediction is that in 90% of cases, this structure is simply unworkable. It is just a legacy structure that originated from the SEC during Gary Gensler's era and can even be traced back to the SEC before J. Clayton's time. Essentially, it is a remnant of an attempt to engage in some regulatory arbitrage.

We have already seen many public disputes, such as the case with Aave. I believe such disputes will continue to arise. At the same time, I think Uniswap deserves significant praise in this regard. They have taken a very bold and difficult initiative. I expect these issues will not be fully resolved by 2026. We may start to hear discussions about certain protocols quickly following Uniswap's lead to take action. But I believe most protocols may adopt a delaying attitude toward this.

However, I do believe that investors will begin to publicly question these protocols and may develop negative views toward those adopting dual equity and token structures.

Evolution of Revenue Discussions

David: The discussion about revenue will gradually shift towards durability and quality. Companies that can generate more predictable revenue will gain market recognition for the first time. Enterprise software will become popular in the crypto space. Please elaborate on this.

Mike: I am glad to see that discussions about revenue have begun within our industry. Not all revenue is equal. In the stock market, certain types of revenue are assigned higher multiple valuations, which is often related to the quality of the revenue.

So, how sticky is the revenue? Is the revenue repeatable? Does 80% of the revenue come from a single customer? Is the revenue highly cyclical? All these different characteristics will be dissected and analyzed to assess the business's moat.

We often make the mistake of assigning overly high valuations to the peak of cyclical revenue. For example, an intuitive phenomenon is that cyclical stocks are actually the cheapest when they appear most expensive, and the most expensive when they appear cheapest.

I believe investors will gradually stop trusting this unreliable revenue, which is actually a step in the right direction. This will drive the entire industry to start focusing more on sticky revenue and high-quality revenue. In the crypto space, this revenue model is actually very scarce.

Future Development of DATS

David: The fifth prediction: DATS will basically do nothing. Some companies may attempt to make acquisitions in infrastructure and try to transform into operating companies, but these efforts will not truly succeed.

Mike: I do believe that DATS will face considerable challenges in 2026. However, I think the only possible exception is Tom Lee's DATS. He has a very high reputation on Wall Street. I also believe this is closely related to the natural rebound of Ethereum's core metrics.

I also think you will see some DATS trying to transform into operating companies that provide yields.

However, I believe many cryptocurrency companies are experiencing similar situations. Some of the most prominent categories once received huge speculative premiums, but when they try to transform into more fundamental models that can create real value, they must reassess their performance based on new metrics. The performance charts of most DATS in the market do not look optimistic.

But I still believe it will take some time for the market to start rewarding this structure. Besides "I am Soul plus a lot of extra Beta ETH plus extra Beta," there is a completely different story that needs to be told.

VC Investment Trends

David: Your sixth prediction is that VC investment will weaken. It is predicted that investment amounts will slightly decrease, from $25 billion in 2025 to an estimated $15 to $20 billion.

Mike: This is indeed a decline; 2021 was a local maximum. We are still recovering from many excesses of the past. The way venture capital operates in equity financing and the crypto space does not completely align with traditional models.

In the crypto space, this logic does not necessarily hold because you can quickly gain liquidity, and very few token projects can generate real long-term value. In fact, the opposite is true. The earlier you enter, the less risk you take. But I think the current situation is that there are so many tokens that investors have much higher threshold requirements for projects than before.

Frankly, I believe speculative funds are shifting to other areas. The responsibility now lies in truly creating value, and the winners will continue to win. In major categories, such as prediction markets, exchanges, lending protocols, and DEX, the strategy will shift from "Uniswap has taken off, and now there are clones of Uniswap on Solana, Avalanche, and Sui; I want to fund these projects and flip these tokens" to "I want to bet on Uniswap because it has a moat, and they will continue to win because competition is becoming more difficult, and entry barriers are rising."

Prediction Markets: Victory for Existing Enterprises

David: Speaking of prediction markets, Kalshi and PolyMarket will continue to dominate the prediction market, while other DEXs will try to enter, but no new players will make real progress. I believe existing enterprises will win here, and Robinhood will capture a large share of the prediction market.

Mike: I have another prediction related to prediction markets, which is that prediction markets will continue to succeed in 2026, but I expect the sentiment to change. I think there will be a lot of accusations regarding sports betting, and as a cultural phenomenon, it may receive negative coverage. Nevertheless, overall trading volume will continue to grow.

I believe the concept of a "universal" application will become very powerful. I think Coinbase, Robinhood, Hyper Liquid, and some Asian exchanges are considering this direction. We have already seen SEC Chairman Paul Atkins mention a "universal" application similar to China's Alipay multiple times. For example, we have seen Robinhood leverage the advantages of Kel She, but frankly, in this arrangement, they have far more leverage than Kel She. Additionally, Coinbase also plans to enter the prediction market space.

I admire Coinbase, but I think Robinhood has stronger focus and execution on the product side. At the end of the last cycle, Coinbase made many different attempts in multiple directions. For example, they once launched an NFT project similar to OpenSea but did not succeed. I think they are indeed working to consolidate these attempts and focus their efforts. That is why I feel slightly less optimistic about Coinbase's prospects in the prediction market space, but I believe we should never underestimate Robinhood's capabilities.

Perpetual Contracts

David: The ninth prediction is that Hyperliquid will continue to perform well, but its growth may slow down, while the perpetual contract market will become highly competitive. New trading platforms and existing exchanges, like Coinbase, will successfully capture some market share. The tenth prediction is that although equity perpetual contracts will receive widespread attention in 2026, their development will be relatively slow. The performance of centralized exchanges is expected to outperform DEXs, and the trading volume of perpetual contracts is not expected to exceed 5%.

Mike: Perpetual contracts are indeed a very hot area, but it is difficult to define what its moat is, and the competition is very fierce. DEXs already have very strong existing competitors, such as Binance's advantage in CEX.

Regarding equity perpetual contracts, although there is a lot of anticipation, I believe its promotion and popularization may take time. For traders, this method is very intuitive because they may not want to trade cryptocurrencies and stocks on multiple platforms but prefer to complete all transactions on the same platform.

However, I think changing the habits of many people is not easy. Additionally, frankly, I still trust traditional trading platforms more than crypto trading platforms. Therefore, I believe the speed of this transition may be much slower than everyone expects. My prediction is that by 2026, this field will still be in its infancy.

Ethereum's Revival

David: The eleventh prediction: Ethereum's Layer 1 will experience a revival in 2026 and dominate the real-world asset issuance market. Why do you think Ethereum L1 will experience a revival?

Mike: I believe 2026 will be the year of Ethereum, while Bitcoin may have a rough year; Solana will be a relatively quiet year, and Hyperliquid will face challenges.

I have a personal theory that nothing is truly universal. I think we are starting to see a divergence between Ethereum and Solana, with Ethereum being more like a chain for asset issuance, while Solana is more like a venue for price discovery on DEXs. I believe Ethereum has just gone through a very tough period, but it has successfully emerged from it. I think Ethereum has found a use case that truly resonates with the market.

As for Bitcoin, I think the price may need to adjust here for a while. But Bitcoin also faces some real challenges, such as quantum computing. I believe quantum computing will become a significant threat to Bitcoin this year.

I think Bitcoin's performance this year will be worse than gold's because, typically, gold performs better in such economic environments. We are currently facing a trend of devaluation, but this devaluation resembles an economic slowdown or even stagflation, and gold tends to perform better in such conditions than during periods of monetary easing.

Bitcoin's performance in stagflation years may be even worse. The outperformance of gold, the natural adjustment of Bitcoin's price, and the threat of quantum computing could lead to a year of low sentiment for Bitcoin.

As for Ethereum, it serves as a foundational layer that supports many modular builds. Its flaw lies in path dependency and capacity demands, which ultimately lead to a very complex situation, making it difficult for people to determine whether to build on L1 or L2.

Nevertheless, Ethereum still demonstrates strong market fit. Particularly in areas related to RWA, many developers want to build on Ethereum, which gives it a very strong market appeal in this important category.

I think Solana will face some challenges this year; it has not performed well in the Memecoin space and is under competitive pressure from Hyperliquid. I believe 2026 will be a quiet year of building for Solana, with little publicity and no significant changes.

As for Hyperliquid, I think they will face some difficulties in the face of well-organized competitors like Robinhood, but they will continue to compete with other projects around the world. Maintaining market share will become very difficult.

The Quantum Threat Facing Bitcoin

David: Your 17th prediction is that quantum computing will become a very real threat and will attract widespread attention this year, as Bitcoin's core developers may delay their response.

I believe discussions about quantum computing have already begun and will become increasingly real. Because quantum computing is not actually a direct threat until 2026; the concept of quantum is the potential threat.

Some experts predict that the first quantum computer capable of having a real impact on the crypto industry will appear around 2032. That means there are still six years from now. So, I predict we will see a surge in discussions about quantum computing, but the real quantum threat may not manifest until the early 2030s.

Mike: I think the way this concern manifests is that the market is forward-looking. Even though 2032 is still far away, it is not so distant. Bitcoin's price may experience a mean reversion. When price adjustments occur, people typically look for narratives to explain them. Therefore, I think the market may use quantum computing as an excuse.

However, I generally do not worry too much about these long-term threats. Risks almost always come from unexpected places. People really should not take these long-term threats at face value but should seek information from experts who are more qualified than I am.

David: One of my predictions for 2026 is that quantum computing is not just a cryptocurrency issue; it will have an impact on society as a whole. Other fields, like the internet, can respond to quantum threats through updates. So, it is not just the crypto industry that will pay attention to quantum computing; society as a whole will focus on this issue.

Integration of Blockchain Infrastructure

David: The 20th prediction: The new layer chain transactions are finally coming to an end. The network effects of Ethereum and Solana will become increasingly apparent, leading to a reassessment of their valuation multiples. Why do you think layer chain transactions are dead?

Mike: Currently, the demand for block space is decreasing. We have overbuilt block space, so the current demand is not that high.

Moreover, the barriers to entry have become very high. New general-purpose chains need to pay fees to service providers, block explorers, and various integrations, which are all very costly, and attracting market attention has also become very difficult. Therefore, I believe it is now more challenging than ever to launch these general-purpose ecosystems (whether L1 or L2).

Whenever barriers to entry rise, existing companies benefit, and they typically achieve compound growth. As these fees accumulate to token holders through burn mechanisms or staking, the cyclicality of these fee flows will decrease and be seen as a very durable, high-quality, annuity-like dividend.

I think what is happening here is very similar to what occurred in 2018 and 2019. At that time, areas like custody, prime brokerage, and decentralized finance lending were filled with hype, but revenue was not actually realized, ultimately leading to consolidation. I believe a similar situation will happen again.

Overall, I think people will tend to believe that these ecosystems should undergo vertical integration and concentrate under one platform.

Additionally, I think the operational model of these new vertically integrated entities may resemble the role of Red Hat in the Ethereum ecosystem. People may no longer view these new vertically integrated L2s as ecosystems but more as tools. Developers will choose to use zkSync's full-stack solution, or Optimism's full-stack solution, or Arbitrum or similar platforms. I believe the L2 framework is the natural winner here, but it will be a war of attrition, and ultimately, this integration will form some huge winners.

Based on this, I have two potentially controversial predictions.

First, I think Base may experience some bumps in 2026. People will continue to question its positioning within Coinbase's business model. Additionally, Base will need to find a true product-market fit.

While I have made negative predictions in many areas, I think we can jump to a field I am very optimistic about, which is DeFi. I believe 2026 will be a very good year for DeFi, mainly due to the influx of RWA. I see the Ethereum main chain completely winning this market. From an L1 perspective, I believe we will see the rise of RWA cycles in 2026.

This is very similar to a common strategy in traditional finance, such as leveraging safe assets for higher returns. I believe this trend will extend to government bonds and other high-yield assets.

However, bringing RWA on-chain faces many challenges. Cyclical operations are much more complex than atomic assets. Therefore, I think some clever protocols will find solutions.

Additionally, I believe that in the DeFi space, Vaults will have a very important year. I think credit funds will become an important part of the story. Credit funds will address several issues. For example, liquidating RWA is a very unique challenge because RWA cannot be traded within a single block like atomic assets.

I believe that as more stablecoins flood into the blockchain, many struggling venture capital firms may launch credit funds in the coming years. All of this will be driven by Vaults. The modular infrastructure developed by Morpho, I believe, is the right direction.

That said, I do not dare to predict that the assets of Vaults will grow rapidly from the current $5 billion to $20 billion, as there is uncertainty in the current interest rate environment. However, my prediction is that the assets of Vaults will grow significantly, perhaps from the current $5 billion to $15 billion by the end of next year.

David: The core elements of DeFi (Ethereum, DeFi, Morpho, modular risk Vaults) on-chain yields, leveraging to enhance actual returns—these are all behavioral patterns we are already familiar with. Perhaps we need some new assets—tokenization.

Mike: I believe the trading volume of stablecoins or the market capitalization of stablecoins on Ethereum will perform well. The main reason is that I see a lot of product-market fit surrounding the introduction of new types of yield-bearing assets on-chain. I believe this series of events I described will happen on Ethereum, which is part of why Ethereum will have such a successful year.

Enterprise Chains: A Hot Start and a Tepid End

David: You mentioned that enterprise chains will become an important topic in 2026, but the outcome may be mixed. For example, the Tempo chain will create a buzz but then gradually decline. Circle's Arc chain will basically not gain any adoption, while the trajectory of the Robinhood chain will be similar to Base. Additionally, it is expected that four to five new enterprise chains will be announced, including a blockchain launched by BlackRock.

Mike: We have shifted from the assumption that "everything should be modular" to "distribution is the only important thing." Companies that have distribution capabilities will vertically integrate the entire supply chain.

Therefore, I predict that next year will be an important year for enterprise chains. Robinhood will want to control the entire tech stack, while Tempo will try to launch its own L1 chain.

I think the crypto space will also undergo a similar process. Many companies may try to launch their own L1 chains but will ultimately realize that it is very difficult. They may not want to maintain the entire ecosystem and do not want to keep up with all the dynamic changes in consensus mechanisms and DAOs. Therefore, they will turn to L2 infrastructure. I believe enterprise chains may achieve some success, but they will not become independent L1 chains.

This is also why when I hear that Tempo can technically achieve many great features, I feel that these are not important. If all the value is concentrated on distribution, while settlement and DAOs do not hold much value, then why focus on those?

But in the long run, Tempo will face challenges because their brand issues make them seen as profit maximizers. I think people can look back at Visa's history to understand how that organization evolved from a DAO-like structure.

As for Circle, I do not think the concept of the entire stack makes sense for them; I do not see how they will drive activity. I believe USDC should continue to develop on-chain, but I am not sure if they can migrate activity to their own chain. As for Robinhood, I think they will try to launch their own chain but may ultimately make another choice. If Robinhood decides not to build its own chain and continues to operate on Arbitrum, that would be very beneficial for Arbitrum.

Conclusion

Mike: I hope cryptocurrency can have a greater positive impact on the world; I am tired of the crypto industry being labeled as the "Wild West" and "scams." Our industry's negative image is still very strong, and it is time for a change.

I think it is fascinating to observe the development of artificial intelligence alongside cryptocurrency. I am a user of AI, but I cannot say the same for cryptocurrency. Therefore, I think this is a critical moment; we have gone through a speculative boom phase, and now we must truly focus on creating value.

The crypto industry has scoffed at some principles of Web 2.0 in the past, but I believe we should no longer do so; instead, we need to be more humble. I think we are moving in the right direction.

I believe ICOs will slowly revive; projects like MetaDAO interest me, but I am not sure if this is the final form. I think it is more likely that centralized exchanges will take action. I believe there will be more acquisitions like this in the future.

Centralized exchanges will expand either downwards or upwards, depending on how they build their strategies. I think we will see more acquisitions in the future, and these launch platforms and centralized exchanges will actively participate in them.

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