From shouting slogans and L2 hype a few years ago to the opening of this year's Hong Kong Web3 Carnival, it feels noticeably different. The past three editions were about breaking the ice with policies and building infrastructure. This year, it's directly about: how to implement and who can make money. The real value of Hong Kong this time isn't just 'openness,' but using policy continuity to bring global players back to the same table. The next wave of the market probably won't rely purely on narratives anymore. Projects that can generate real cash flow and attract institutional funds will be the ones to stand out. So here's the question: If it's not about storytelling, where will the money flow first this time?