[Binance Research Team: A Bull Market Requires the Resonance of Monetary Easing and Paradigm Innovation, Fifth Cycle Focuses on RWA] PANews reported on September 23 that the Binance Research Team shared insights during the 'Ye Tan - Under the Cycle' private seminar. They stated that a bull market often requires the resonance of monetary easing and paradigm innovation, with new use cases determining the scope of growth diffusion. They also outlined the five major cycles of the crypto market to date: 1. **Store of Value (2011–2015):** Represented by BTC, Litecoin, etc., focusing on competition around digital gold and peer-to-peer currency. 2. **Public Chain Infrastructure (2016–2018):** Ethereum, EOS, and others explored the concept of the 'world computer,' with infrastructure taking the lead while applications remained immature. 3. **DeFi (2019–2022):** Transitioned from trading and lending to algorithmic liquidity experiments. Some projects collapsed after interest rate hikes due to a lack of real cash flow.