Totally agree. There's also another core variable that will determine the future of the industry: regulation. The past issues in the crypto industry weren’t just about a lack of good projects, but a long-term absence of clear, stable, and enforceable rules. The boundaries between issuance, custody, trading, market-making, and information disclosure have been blurry, leading to bad money driving out good. Those who genuinely want to build for the long term end up bearing higher costs. BTC as a strategic reserve can rebuild confidence, and super apps can create demand, but only when regulation truly establishes a solid framework will capital dare to flow in for the long term, entrepreneurs dare to invest continuously, and the industry transition from 'surviving on cycles' to 'growing on value.' The next wave of prosperity might be ignited by technology, but whether it’s sustainable will ultimately depend on regulation. (Meanwhile, exchanges for casual box-opening users are the first to collapse lol)