After observing for 3 years, the most interesting innovations in the crypto space are still perpetual contracts (funding rates), DeFi, NFTs, public chains, and Pendle. Each one represents a new form of vehicle, all initially aimed at financial innovation, but in the end, most were used to scam people (except DeFi and Pendle). Contracts were used to trap small-town sandpit bosses, NFTs were used to scam yoga pants in Beijing, Shanghai, and Guangzhou, and public chains fooled Web3 researchers.