🔎 A detailed explanation of the development history of the cryptocurrency industry in one picture 🔍 Only by understanding history can we move towards a farther future Only by remembering history can we avoid repeating the same mistakes 🔸 Outlook on the future narrative of the altcoin market 🔸 I think it must be around the link 🔗 The core narrative with the real world as the theme The narrative revolves around RWA, AI+Crypto, DeFi 2.0, GameFi, and DePIN, but it is still unknown who will ultimately achieve the landing and perfect connection to the real world However, based on observations over the past six months, it is highly likely that Real Asset On Chain (RWA) will become the mainstream driving force behind the narrative of future altcoins. The tokenization of traditional commodities will become a trend in the future, and RWA, due to its ability to connect traditional finance with blockchain, has been a focal point for institutions and retail investors in the past six months. The high liquidity and transparency of RWA can greatly solve the inefficiency problem in traditional asset markets DeFi 2.0 and compliance development may also become the core narrative of the future Especially in recent times, the SEC's open attitude towards DeFi has also begun to show signs. Paul Atkins, the new chairman of the SEC, gave a speech on "DeFi and the American Spirit," emphasizing economic freedom and innovation, implying that regulation will shift from suppression to "first review," providing development space for DeFi projects The SEC held a roundtable on "DeFi and the American Spirit" on June 9th, and the new chairman expressed support for DeFi's innovative spirit Three points were proposed: 1/Code does not constitute a crime 2/Allow 'go live first, review later' DeFi symbolizes freedom Policy shift: SEC suspends high-profile enforcement cases, advocates self hosted wallets and on chain activities (such as staking), and no longer considers software developers as brokers. This marks a shift from suppression in the past (suing multiple platforms in 2023) to support. In the long run, the SEC's open attitude will provide a more relaxed compliance environment for DeFi projects, reduce legal risks, and attract institutional capital inflows However, based on the current market environment, the liquidity of altcoins is still scattered, and the possibility of a comprehensive "altcoin season" is very low. Even if the core narrative can emerge in the second half of the year or a new round in the future, we still need to focus on top projects As for AI and Deepin, they must also be good narrative subjects, but I don't think there are many signs of how to achieve a perfect connection with the real world and ultimately fully implement it. After all, many blockchain projects need to issue coins in order to develop and go further, which is not seen before I have repeatedly expressed that the game logic of the market has gradually been completely dominated by institutions since 2019. Whether the core narrative of counterfeit currencies can emerge in the future depends on the direction of policy promotion and the core needs of institutions Only in this way can we capture the alpha of the future altcoin market END.