The flow of value in the crypto market is quietly shifting. According to the latest industry forecasts, the focus of capital is gradually shifting from public chain ecosystem tokens to application layer, stablecoin ecosystems, and compliant trading channels. Most L1 tokens are facing long-term pressure.

This judgment is backed by solid data. DEX trading accounts for over 25%, stablecoin trading volume has begun to surpass traditional ACH systems, more than 100 crypto ETFs have been approved for listing, and institutional investors are even using tokenized securities as collateral. These series of changes point to the same conclusion: blockchain is evolving into financial infrastructure rather than an idealistic community experiment.

In other words, the second half of the on-chain world may involve more participation from financial institutions, a focus on compliance, and prioritizing efficiency, rather than the early narrative of decentralization and community-driven development. Projects and investors with a clear understanding of this can thrive better in the new phase.