That's what I mentioned last year: The future market is likely to take on a “barbell” structure, with liquidity flowing to two extremes. On one end: bluechip DeFi and infrastructure projects. They have cash flows, network effects, and institutional recognition, attracting the majority of capital seeking stable appreciation. On the other end: pure high-risk tokens -memecoins and short-lived narratives. These assets carry no fundamental story, but serve as highly liquid, low-barrier speculative vehicles that satisfy demand for extreme risk and reward.(Jiawei)