Author: Haotian

The crypto industry has completely torn apart into a "Three Kingdoms" situation, with various parties playing different games:

—— Crypto Native Technology Narrative Faction:

Led by Vitalik Buterin, the developer community still adheres to the extreme "decentralization" geek mindset, focusing on technologies like ZK, modularity, AI Agents, chain abstraction, and parallel EVM. They build like ascetics but find themselves trapped in a cycle of infrastructure technical debt and applications falling short of expectations;

—— CEX Product Operations Growth Stream:

Led by CZ, the exchange alliance wields the dual swords of "traffic + liquidity," using the "attention" siphoning effect to steer the industry towards extreme centralization. This includes concocting new projects like Alpha + contracts' TGE pipeline and planning the ICO boom for Perp Dex Exchange 2.0. While this seemingly revitalizes the crypto economy in the short term, it may actually stifle the source of innovation in crypto technology;

—— Wall Street Financial Capital Operations Faction:

With Tether, Circle, Stripe, and other old foxes from TradFi, driven by the U.S. crypto-friendly policies, they are accelerating the "recruitment" of the entire crypto market under the banner of compliant innovation. They are bundling stablecoin public chains with native DeFi ecosystems and paving the way for Wall Street to control the entire infrastructure track through ETF funding channels, DATs, etc. On the surface, they aim to inject financial vitality into the crypto industry, but in reality, they are initiating a new revolution of "on-chain" land grabbing;

That's it.

Understanding the confrontation, games, and cyclical rotations behind this Three Kingdoms scenario.

When the tech faction innovates brilliantly, we "follow"; when CEX rides the hot trends, we "hitch a ride"; when Wall Street funds enter the scene, we "charge in." Only with parallel multi-line thinking can we seize the big opportunities that belong to us retail investors.

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