I have always wanted to add an interesting side story to this article about Crypto's "Three Kingdoms":

1) The native narrative faction of Crypto corresponds to the "Shu Kingdom," which occupies the perilous land of Bashu, with Vitalik Buterin as "Zhuge Liang," drawing the grand blueprint of "Rollup Centric" and "ZK Endgame" as the roadmap.

Advocating the principles of "Code is Law" and "Decentralization," akin to Liu Bei's benevolence, it seems to stand on a moral high ground, but in the brutal market competition, it is often constrained.

What about the alliances against Cao and the northern expeditions? Time and again, new technological narratives are introduced, from DeFi to NFTs to layer 2 and AI Agents, much like Zhuge Liang's six expeditions to Qishan, each time with great fanfare, yet the application of Mass Adoption always falls just short.

Until Zhuge Liang exhausts himself and dies, the developers flee to the AI circle, ultimately leading to a situation where talent withers and there is no successor. Although I really don't want to say that "idealism" was the first to exit, fortunately, the spirit of "Han and rebel cannot coexist" will, like the spirit of decentralization, become the orthodoxy of the industry and continue to be passed down.

2) The CEX exchange alliance corresponds to the "Wei Kingdom," occupying the Central Plains, with CZ as "Cao Cao," holding "user liquidity" and "listing rights" to command the vassals.

Implementing a "land reclamation" strategy, establishing a new ICO assembly line of Wallet + Alpha + contracts, drawing various forces into an internal self-circulation. Fortunately, it values talent above all; whether from the tech faction or the MEME faction, as long as they can bring trading volume, they are welcomed. Thus, the national strength was once the strongest, crushing other competitors.

However, the biggest risk of this approach is that it cultivates too many "parasites"—market makers, project parties, and KOLs all sucking blood, and once problems arise, the entire system collapses instantly. Ultimately, it created a bustling era of prosperity, but after a wave of "regulatory arbitrage," it became a fleeting illusion.

In the end, it either gets "reconciled" by regulation, or is "undermined" by internal interest groups, or is "overthrown" by new forces. This constant concoction of "quick money projects," which overdraws the industry's long-term credibility, will inevitably backfire, and in the end, whether the CEX empire is surnamed "Zhao" or "Trump" remains uncertain.

3) Wall Street financial capital corresponds to the "Eastern Wu," with institutions like Coinbase and BlackRock, along with old political figures from the U.S., as "Sun Quan." Sometimes they unite with the tech faction of Shu to promote decentralized innovation, and at other times they collaborate with the operational flow of CEX Wei to expand compliance channels, aligning with whoever is useful, emphasizing a strategy of "unite with minor enemies to strike the major enemy" based on the situation.

Just as Eastern Wu occupies the natural defense of the Yangtze River, Wall Street leverages the advantage of "dollar hegemony" and a "compliance moat," controlling off-chain entry with ETFs, on-chain settlements with USDT and USDC, and penetrating the DeFi ecosystem with strategies like tokenizing U.S. stocks and on-chain U.S. bonds. The smartest move now is to bide their time, letting the tech faction and CEX engage in a life-and-death battle while quietly laying the groundwork for substantial profits.

Undoubtedly, if the future trend of Crypto is "compliance," "institutionalization," and "licensing," then the Crypto world will ultimately return to Wall Street. Now you understand why it is said that the realm of the old Northern Wei might change its surname to Eastern Wu "Trump."

The difference is that Trump is not Sima Yi; he doesn't need to hide and scheme.

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