I really don't want to agree with the author's point of view, but unfortunately, from an outsider's perspective, Crypto/Web3/ the crypto has indeed been stigmatized as an "independent industry," and it has a heavy reputational burden 😭. Some project teams, exchanges, and DeGen players have formed a perfect self-destructive loop, turning what should have been an emerging field of technological innovation into a casino of pure zero-sum games under the guise of "making money" and "making money by making reasonable use of the rules." The fatal flaw of this closed loop is that it perfectly achieves the corrosive and expulsive effect of bad money on good. Builders who genuinely focus on product development and solving real-world problems either have to learn the strategy of issuing tokens before implementing their projects, learn to choose sides and cultivate relationships, or be ostracized and simply leave the cryptocurrency market. In short, those who genuinely focus on their work are utterly powerless against the combined pressure of "traffic power and liquidity extraction"... Imagine if outsiders saw Crypto as just a bunch of gamblers playing a game of musical chairs, who would believe that there was world-changing technology involved? Therefore, the author's statement about "Crypto dissolves" seems to have become the only path for the industry to redeem itself. Stripping away the independent industry attributes of cryptocurrencies, finding ways to integrate valuable decentralized concepts, verifiable encryption technology, programmable composability, and tokenomics cold start methods into real-world scenarios such as payments, finance, data, and identity might reveal unique value. For example, stablecoins integrating with TradeFi, DeFi being adopted by Wall Street, and RWA tokenization gradually taking hold may not have the allure of bubbles, but their value lies in their longevity. Perhaps, if the cryptocurrency industry doesn't deliberately "die" once, it will truly destroy itself...