[Xiao Feng: The Crypto Industry Enters the 'Delivery Phase,' Performance Is No Longer the Sole Answer] Deep Tide TechFlow reports that on February 6, Dr. Xiao Feng, Chairman and CEO of HashKey (3887.HK), wrote in *Newsweek* that: 'The next generation of "killer applications" in the crypto industry will not remain confined to internal cycles within the crypto ecosystem. Instead, they must connect on-chain infrastructure with off-chain economic activities, bringing new revenue, users, and capital into the network. The key to institutional adoption lies in whether blockchain systems can operate securely, compliantly, predictably, and at scale in high-risk, heavily regulated environments.' He emphasized that the value of blockchain is not in simply replicating Web2 onto the chain. Its incremental value lies in compressing financial processes—traditionally reliant on multiple institutions, long settlement cycles, and repeated reconciliations—into automated clearing and execution on a single ledger. This reduces transaction friction, improves efficiency and capital turnover, and reshapes the organization of transactions, settlements, risk management, and reconciliation, making them more automated, verifiable, and cost-effective. At the institutional implementation level, the industry's bottleneck is shifting from 'performance' to 'trust and operational capability.' Privacy-preserving computation, embedded compliance, auditable risk management, and bank-grade security will become the critical infrastructure of the next generation. Compliance, monitoring, and risk management capabilities will determine whether institutions can maintain regulatory consistency and controllability during expansion. Without these capabilities, sustainable growth at scale will be difficult to achieve. He concluded that future competition will no longer be about 'who is faster,' but rather 'who can operate stably under real-world constraints and transform on-chain capabilities into sustainable adoption and value creation.'