Right now, perp DEXs are trending, stablecoins are hot, and there’s even talk of so-called full-stack exchanges (big rug pulls). Although the evolution of the industry will eventually phase out centralized exchanges with high returns, the competition is just too homogeneous. This is the classic case of 'the endgame for the sector is clear, but the winners are hard to identify.' Even if you understand the direction, it’s still tough to pick the right target. Stocks are still more certain for now, because AI acceleration is being accelerated—invest in productivity first, then look at production relationships.