Recent market trends reveal some thought-provoking patterns. Fields such as Artificial Intelligence (AI), Real World Assets (RWA), stablecoin, and Decentralized Finance (DeFi) have received substantial funding, moving beyond mere conceptual hype. These sectors have attracted significant investment, proving their market value and development potential.

In contrast, areas such as Layer 2 scaling solutions (L2), GameFi, and non-fungible tokens (NFT) are showing signs of weakness. These once highly regarded sectors are now facing a lack of investor confidence, with many projects experiencing high levels of interest during the fundraising phase but struggling to maintain user engagement after actual implementation.

This market differentiation reflects an important trend: investors are increasingly focusing on projects that can attract traditional financial institutions' participation. Simply relying on concepts and visions is no longer sufficient; what truly drives industry development are those projects that can realize financialization and deliver actual growth.

It is worth noting that financialization does not mean that a project becomes dull and boring. On the contrary, it can become an important engine for driving innovation and growth. In the current market environment, projects that can attract investments from traditional financial institutions like Wall Street are more likely to stand out in the competition.

Overall, this market cycle clearly demonstrates investors' desire for substantial progress. Future success will increasingly depend on the actual implementation and profitability of projects, rather than merely relying on grand visions. This trend may reshape the development direction of the entire industry, driving the emergence of more practical innovations with real value.