Previously, we discussed the ideals of decentralization; now it's a contest to see who can get their tokens onto BlackRock's compliant product shelf—this transition is even colder than a bear market.

The author believes that the era of retail investors has ended, and institutions are dismantling components, pursuing efficiency rather than faith in decentralization. Blockchain has become the most efficient channel for transferring funds, with institutions tokenizing assets and reconstructing services within the existing financial ecosystem. The digital asset economy has become the foundational layer, and public chain decentralization is not mainstream; true value lies in infrastructure, compliance, and scalability aimed at institutions. Entrepreneurs should design products embedded into existing distribution chains, and investors should focus on projects with a moat, genuine usage, and institutional adoption.