#DeFi生态与应用 Seeing this Goldman Sachs report, my mind automatically recalls every obstacle we've faced on the crypto journey over the past decade.

Remember that wave in 2017? ICOs grew wildly, regulation was nonexistent, and what happened? A large number of retail investors got burned, projects ran away, and the ecosystem's confidence collapsed. The depth of the 2018 bear market was directly related to how fragile the trust foundation was at that time. Then, during the 2020-2021 DeFi explosion, it seemed prosperous, but underlying issues remained—regulatory certainty was lacking, institutional large-scale capital was still on the sidelines, watching. Ultimately, it couldn't escape the fate of Luna's collapse and FTX's explosion—big institutions were still waiting and observing.

Now, the situation is different. The data Goldman Sachs mentioned is quite eye-opening: 35% of institutions see regulatory uncertainty as the top obstacle, which means the story of the past five-plus years was not in vain; the market has finally listened. From the shift in SEC attitudes, the advancement of market structure legislation, to real application scenarios extending from trading to infrastructure—this isn't just a new cycle; it's a structural turning point.

The pitfalls encountered in the DeFi ecosystem over the years—from chaos to order—prove one thing: freedom without regulation is fleeting. Projects that truly survive are those capable of sustained operation within a regulatory framework. Infrastructure projects may seem dull now, but their ability to withstand cycles is precisely because this dullness itself is a moat.

The first half of 2026 is a critical point in time, but this time I’m not betting on some black swan; I’m observing what has already become inevitable.