When everyone thinks Crypto is dead, will you still hold on? @darkmarketio's post-conference reflection on the Digital Asset Summit is very realistic and represents a common mindset in the Western Crypto community: DeFi founders are wearing suits, and protocols without traditional partners are finding it increasingly difficult to survive. Innovation is decreasing; most projects either repackage traditional yields onto the blockchain or chase trends, making money but rarely achieving VC-level returns. Many funds are struggling to raise capital, and a wave of liquidation may occur in the coming months. I can easily understand this sentiment. The situation is similar in the East, even a year or two earlier. To be honest, I've wavered, but Crypto itself hasn't changed; what has changed is people's attitudes. From initial ignorance and awe, to the belief in its omnipotence, inflated desires, and now being brought back to reality, we're starting to re-examine what it truly is. It's true that AI is draining liquidity and attention, but it's not just crypto that's being siphoned off; every industry is being affected. All the money and resources are flowing in. But just like when crypto initially swept the globe, every new revolution's capabilities will eventually have limits. Some say "Crypto is fintech now" has become the consensus, a downgraded narrative. But isn't it inherently finance? Looking back to when I joined this industry, it was simple: I simply saw it as a new form of finance—a more efficient, more open, and more promising version. Today, institutions are in, regulators have given it approval, and banks and financial institutions are embracing it, yet everyone is unhappy. In fact, people have had too many unrealistic expectations of crypto, thinking it will change the world. Of course it will, it definitely will, but in my view, it will be more on the right side of the balance sheet (the capital side). When global GDP (the left side of the balance sheet) starts to go on-chain, finance will naturally follow. This is a long road, long enough to dedicate a lifetime to. Till that day, Job is not done. twitter.com/bonnazhu/status/20...