《A Comprehensive Breakdown of Crypto's Next Cycle: VC Exit, Perp DEX Competition, and the Endgame for Exchanges》 (Author: @vcmktasa; @168MrZ) 168X's conversation with Lao Bai suggests that Crypto has shifted from the phase of 'natively creating a new world' to transforming and complementing the traditional financial system. The inventions that have truly achieved PMF are stablecoins and perpetual contracts.