Change is relentless. Everything is changing rapidly. The launchpad sector still presents a structural opportunity, but the Pons pullback has shown the market that focusing solely on peak fees is costly. The next phase must consider revenue quality, user retention, mechanism execution, and supply deflation simultaneously. The launchpad sector is constantly evolving: - The first phase was lowering the issuance threshold; - The second phase was competing for transaction denominators; - The third phase is competing for identity, traffic, and value capture. Recently, we've seen robinhood (0xb7ff57631b97000d950236ef63bd463da5beba7e) transform its fee model into a commission-based model, while solana (syQqkspvb2PRr1meJ5pJDmhgxwc4hUou2TMjjrTmeta) is pushing the launchpad towards agent identity and the AI economy.