The emerging differentiation in the crypto industry:

1. Payment and stablecoin factions. Focused on practical adoption without illusions or long-term speculation, directly applying existing technology, and also generating the best cash flow, with visible annual revenue exceeding $30 billion. (This is also understandable and acceptable to Wall Street…) and completely capable of each playing their own game…
2. RWA (Real-World Asset) factions like U.S. stocks. Focused on regulatory arbitrage, liquidity arbitrage, with alpha control at the oracle level, making trading secondary. For example, if there was a lawsuit between A and B before, A could directly freeze B’s assets through legal means, potentially destroying B before the lawsuit concludes, creating substantial pressure. If it’s RWA, no one can freeze assets; our lawyer friends should understand how big the potential here is.
3. Trading, exchange prediction markets, and perpetuals all fall into this category. No need to elaborate; OGs love excitement. When U.S. stock market volatility diminishes, this sector will become hot again.
4. True DeFi, which can show significant results in the medium term, fundamentally disrupting the underlying financial system. Friends in NYC are going crazy, but due to lack of participation, Asian communities continue to be bearish on the industry.
5. Others that are temporarily unverifiable… No further elaboration.