The barbaric era of the cryptocurrency circle that could 'collectively become rich' has come to an end. We can understand this transformation from the following three dimensions: 1. The "diversion" of speculative forces In the past, cryptocurrency was the only destination for global venture capital. Now, generative AI and robotics have become strong competitors, taking away a lot of liquidity. The result is that in the past, the bull market was a collective takeoff of altcoins, but now it is an extreme differentiation. Only tracks with the ability to truly capture value can survive, and most projects that rely on storytelling to survive are being abandoned by the market. 2. From "Fat Agreement" to "True Value" The long-standing core theory of the industry, the 'fat protocol' (which believes that the infrastructure layer is the most valuable and the application layer is not), is crumbling. Infrastructure commodification: There are too many public chains now, and blockchain space is no longer scarce. When the technological threshold is lowered and costs tend to zero, simply making a "fast" chain no longer has a premium. REV Core Theory: The current investment standard has shifted from "looking at vision" to looking at REV (real economic value). Namely: How many real users are paying transaction fees for this agreement every day? Can this money be distributed to the holders? A protocol that cannot generate cash flow is essentially just harvesting its holders through inflation. 3. The "unification" of financial foundations Cryptocurrency is evolving from an "asset" to a set of "financial rails". Stablecoins have surpassed speculation and become truly killer applications. It is compressing the entire payment industry chain. Self managed wallets are replacing securities accounts. You can hold US stocks, foreign exchange, commodities, and cryptocurrencies in the same interface and wallet. Value migrates to the application layer, and whoever controls the user entrance (aggregation layer application) has pricing power. In short, the era of 'passively configuring cryptocurrencies to make a fortune' has been abolished. The future cryptocurrency market will be supported by two pillars. Bitcoin: It has evolved into an independent macro anchoring asset, competing with gold and treasury bond on the same platform. Application infrastructure: Applications that can generate real income, connect real assets, and "hide" complex blockchain underlying logic behind a smooth experience.