I have always wanted to add an interesting spin off to this article about Crypto's "Three Kingdoms Kill": 1) The Crypto native narrative party corresponds to the secluded "Shu Kingdom", located in the dangerous area of Bashu, with @ VitalikButerin as the "Zhuge Liang, drawing Rollup Centric" and "ZK Endgame" as the grand blueprint of Roadmap. Advocating the concepts of "Code is Law" and "decentralization" in governing the country with morality, similar to Liu Bei's benevolence and righteousness as the foundation, may seem like stepping on the moral high ground, but it is subject to fierce market competition everywhere. What alliance with Wu Kangcao, settling in the Central Plains, launching new technological narratives time and time again, from DeFi to NFT to layer 2 and AI agents, just like Ge Liang's six trips to Qishan, every time with great fanfare, but the application of Mass Adoption has always been one step behind in landing. Until Zhuge Liang devoted himself to his work and died, Devs fled the AI circle, only to end up in a situation of talent decline and no successors. Although I really don't want to say that "idealism" was the first to be eliminated, fortunately, the spiritual belief of "Han and thieves are not incompatible" and the spirit of decentralization will become the industry's norm and continue to be upheld. 2) The CEX Exchange Alliance corresponds to the "Wei State" occupying the Central Plains, with @ cz-binance as the "Cao Cao", holding the "user liquidity" and "listing power" to blackmail the emperor and the princes. We will vigorously implement the "farming system" strategy, establish a new ICO pipeline of Wallet+Alpha+contracts, and bring various forces into the internal circulation. Fortunately, talent is the key. Whether it's the technical team or the MEME team, as long as they can bring in trading volume, they will continue to receive it without fail. Therefore, the national strength was once the strongest, crushing other competitors. However, the biggest risk of playing this way is cultivating too many "parasites" - market makers, project partners, and KOLs are all sucking blood, and once problems arise, the entire system will collapse instantly. In the end, a lively and prosperous era was created, but after a wave of vigorous "regulatory arbitrage", it ultimately became a mirage. Ultimately, they will either be "appeased" by regulation, "sidelined" by internal interest groups, or "usurped" by new forces. This kind of gameplay of constantly fabricating "fast money projects" and overdrawing the long-term credit of the industry will inevitably backfire on itself. In the end, it is difficult to say whether the CEX empire is surnamed "Zhao" or "Trump". 3) Wall Street financial capital corresponds to the "Dongwu" that divided Jiangdong, with Wall Street institutions such as @ coinbase and BlackRock, as well as American political veterans, known as "Sun Quan". At one point, we will collaborate with the Shu Kingdom to promote decentralized innovation, and at the other point, we will join forces with the Wei Kingdom to establish a compliance channel. Whoever is effective, we will unite with them, focusing on a strategy of "joining secondary enemies to strike primary enemies" to assess the situation. Like Dongwu occupying the Yangtze River Insurance, Wall Street has the advantage of "US dollar hegemony" and "compliance moat", controlling off chain entry with ETFs, on chain settlement with USDT and USDC, and infiltrating the DeFi ecosystem with RWA strategies such as US stock tokenization and on chain US bonds. The smartest thing now is to keep a low profile and let the technical team and CEX fight a life and death battle, while secretly planning to make a fortune silently. Without a doubt, if the future trend of Crypto is towards "compliance," "institutionalization," and "licensing," then the world of Crypto will ultimately belong to Wall Street. Now you know why it is said that the world of Old Northern Wei may change its surname to Eastern Wu "Trump". The difference is that Trump is not Sima Yi, so he doesn't need to hide and play tricks like that. Note: As I write, I realize that the original Three Kingdoms killing situation has been written deeply ， Guilt, shh, I accidentally leaked the secrets, and it seems that there are still many industry endgame thoughts and insights hidden inside. I think it makes sense to help with the "one click three link" support. Thank you for your attention!