$SPCX Crises give rise to change. The 2008 financial tsunami revealed a new asset class—Bitcoin—that "does not trust banks." If the next crisis occurs, demand will evolve into a system that "does not rely on banks": a set of underlying financial infrastructure that can operate in parallel.

But crises are not inclusive benefits for Web3; they are harsh dividers. During liquidity downturns, pure speculative tokens will be washed out, and only networks with substantive functions like decentralized identity verification, data availability, or cross-border settlement can demonstrate resilience as "digital public goods."

The value of decentralization lies not in cyclical efficiency but in counter-cyclical survival. When sovereign credit is downgraded and payment systems are obstructed, permissionless blockchains become an alternative channel for value transfer—its significance is not in daily use but in its persistence during extreme situations.

History shows that major crises often catalyze institutional innovation. The next financial storm may not directly propel Web3 but will force it to shed reliance on risk appetite, establish stricter standards in foundational layers like clearing and custody, and evolve from a speculative tool into a mature infrastructure. Go, Conan. #Gate正式推出股票交易