Chainfeeds Introduction:
If the major trends in the future of Crypto are "compliance," "institutionalization," and "licensing," then the world of Crypto will eventually belong to Wall Street.
Article Source:
https://x.com/tmel0211/status/1978737886393729105
Article author:
Haotian
Viewpoint:
Haotian: The crypto-native narrative school corresponds to the isolated "Shu Kingdom," nestled in the dangerous Bashu region. With Vitalik Buterin as "Zhuge Liang, drawing the Rollup Centric" and "ZK Endgame" as the roadmap, they offer a grand blueprint. They champion moral principles like "Code is Law" and "Decentralization," reminiscent of Liu Bei's principle of benevolence and righteousness. While seemingly on the moral high ground, they are constantly constrained by the fierce market competition. They ally with Wu to resist Cao, conquer the Central Plains, and repeatedly launch new technology narratives, from DeFi to NFTs to Layer 2 and AI agents. It's like Zhuge Liang's six expeditions to Qishan: each one a grand success, yet the realization of mass adoption remains a step behind. Only after Zhuge Liang's dedicated death did developers flee the AI community, ultimately leaving the field with a talent dwindle and a lack of successors. While I hate to say that "idealism" was the first to go, fortunately, the belief in "Han and traitors cannot coexist," like the spirit of decentralization, will become the industry's guiding principle and endure forever. The CEX Exchange Alliance mirrors the "Wei State" that occupied the Central Plains, with CZ as "Cao Cao," who controlled user liquidity and the right to list coins, using it to coerce the emperor and control the other states. They vigorously promoted the "military farming system" and established a new ICO pipeline combining Wallet, Alpha, and contracts, encircling all factions within the internal market for a self-circulating cycle. Fortunately, they prioritized talent, recruiting both technical and MEME-focused individuals who could generate trading volume. As a result, the nation achieved peak strength, crushing all competitors. However, the biggest risk of this approach is fostering too many "parasites"—market makers, project owners, and KOLs—all sucking away revenue. Once problems arose, the entire system collapsed. This ultimately created a vibrant and prosperous era, but after a wave of vigorous "regulatory arbitrage," it ultimately became a mirage. Ultimately, they will either be "recruited" by regulators, "undermined" by internal interest groups, or "usurped" by new forces. This constant spree of "quick money projects" and overdrawing the industry's long-term credit is bound to backfire. It's unclear whether the CEX empire will ultimately be ruled by "Zhao" or "Trump." Wall Street financial capital corresponds to the "Eastern Wu" that controlled Jiangdong, with Wall Street institutions like Coinbase and BlackRock and American political figures as "Sun Quan." Sometimes they collaborate with the technologically advanced Shu Kingdom to promote decentralized innovation, and sometimes they collaborate with the operational CEX-focused Wei Kingdom to develop compliant channels. They ally with whomever is useful, employing a strategic strategy of "uniting secondary enemies to attack the primary" based on their strategic planning. Just as the Eastern Wu controlled the Yangtze River, Wall Street leverages the "dollar hegemony" and "compliance moat," controlling off-chain entry points with ETFs and on-chain settlement with USDT and USDC. They are infiltrating the DeFi ecosystem with RWA strategies like tokenizing US stocks and on-chain US Treasury bonds. The smartest thing to do now is to bide your time, letting the tech crowd and CEXs fight it out while you quietly plan and profit. There's no doubt that if the future trends in crypto are compliance, institutionalization, and licensing, then the crypto world will ultimately belong to Wall Street. Now you understand why they say the old Northern Wei dynasty might pass to the Eastern Wu, led by "Trump." The difference is, Trump isn't Sima Yi; he doesn't need to be so cunning and treacherous.
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