The crypto industry has completely split into a "Three Kingdoms" scenario, with each side playing a different game: ——Crypto Native Tech Narrative Faction: Led by developers like @VitalikButerin, this group remains steadfast in their pursuit of extreme "decentralization" with a geek mindset. They're focused on ZK, modularity, AI agents, chain abstraction, parallel EVM, and other tech narratives. Like monks, they keep building, but they seem trapped in a cycle of infra tech debt and unmet application expectations. ——CEX Product Ops Growth Stream: Headed by the exchange alliance led by @cz_binance, they wield the dual "traffic + liquidity" dragon-slaying swords. Using the "attention" siphon effect, they push the industry toward extreme centralization. This includes churning out new Alpha+contract projects on a TGE assembly line and orchestrating a new ICO craze for Perp Dex 2.0. While it seems to temporarily revive the crypto economy, it might actually stifle the core driving force of crypto tech innovation. ——Wall Street Financial Capital Operations: With players like Tether, Circle, and Stripe—those old foxes of TradFi—being drawn by U.S. crypto-friendly policies, they wave the banner of compliant innovation. They're accelerating the "domestication" of the entire crypto market, binding native DeFi ecosystems with stablecoin public chains, and paving the way for Wall Street to control the entire infrastructure track through ETF funding channels, DATs, and more. On the surface, they claim to inject financial vitality into the crypto industry, but in reality, they're plotting a new "on-chain" land grab revolution. That's it. Understand the battles, rivalries, and cyclical shifts behind this Three Kingdoms showdown. Follow the tech faction when they deliver groundbreaking innovation, ride the wave when CEX hypes the trends, and charge in when Wall Street money enters the market. Only by running parallel multi-line strategies can we retail investors seize our big opportunities.