A perspective on product and technological innovation in the Crypto field: In the 2024 market cycle, the atmosphere has been lukewarm, fundamentally because most product and technological iterations during this period focus on optimizing existing products, rather than creating new scenarios that can break through existing boundaries. For example, Hyperliquid, representing decentralized exchanges, is an optimization of centralized exchanges like Binance, which can only make the internal circulation of the Web3 ecosystem smoother, but is insufficient to attract widespread attention from outside the industry.

The high-performance public chains represented by Solana and Sui only show better results in UX, which is an optimization at the underlying infrastructure level, but they have not developed any paradigm-level application scenarios that were not available in the previous cycle. The innovation of Defi protocols represented by Uniswap v4 in liquidity utilization efficiency has greatly improved the problem of TVL islandization, but it is still an optimization of the internal links of the system and has not shown positive externalities.

In the last cycle, the paradigm innovations of Defi, Gamefi, and NFT almost brought a shocking impact to the traditional industry. Although RWA, a new thing with a disruptive effect, has emerged in this cycle, it is still unable to reproduce the glory of the bull market a few years ago due to the imperfect supporting tools. The problem that needs to be solved now is no longer the excellence of TPS and underlying facilities, but how to bridge the gap between the chain and the chain. Oracle will be the key.