jakiro
Author: Haotian Source: X, @tmel0211
Just based on the concept of the Trump family, WLFI has a market value of $7B online circulation.With almost no reliable ecological project support, its market expectations surpass AAVE, Uniswap, Ethena, Pendle and other Crypto Native blue chip agreements.Tell Me Why?The answer is clear:The current Build wind direction in the Crypto industry has completely changed, share several observations:
1) To Wall Street OrganizationThe popularity of a new Wall Street DATs narrative overshadows many previous technical narratives such as layer2, BTCFi, ZK, etc. It turns out that only the adoption from institutions will truly bring about incremental growth, even if most of them are ill-intentioned;
2) Focus on capital efficiencyThe market no longer focuses on the TPS arms race and the superficial TVL Show, but begins to pay attention to it.How to make limited funds generate more Yield returns.
For example, Dolomite’s liquidity multiplexing, Mitosis’ programmable liquidity innovation,aPrioriMEV value capture and high-frequency Trading flywheel are all telling stories about how to improve capital efficiency without exception;
3) Financial Engineering > Technical Concept, Crypto’s expansion from finance to non-financial field seems to be a vicious circle, and every cycle is talking about Mass Adoption, but in the end it will return to the most essential financial transaction scenario.The charm of complex cryptography and consensus mechanisms is no longer replaced by structured product design that is well versed in financial business..
for exampleHyperliquidThe depth of the on-chain order book and CEX-level trading experience make everyone almost forget Decentralized, while Pendle’s Boros protocol innovation is like opening the Pandora’s box of traditional finance.As it turns out,Precision financial engineering design is much better than complex technical concepts;
4) B2B2C model replaces pure C-end narrative, facts have long proved that it can serve retail investors well and that Drive retail investors have only one business model in the currency circle: exchanges, which are both centralized and hegemonic and monopolize the less-cool local snake model.The average Builder wantsIt is smart and wise to make innovations around Onchain..
Therefore, under the product positioning of TradFi, Vault, whitelist pool, KYC threshold, AMM optimization and other services customized for institutions will become innovative directions.
5) Compliance has become the entry threshold for innovation, Once upon a time, Crypto’s innovative compliance was not the first principle, and it was basically a post-event purchase, butUnder the new trend, you will get a license first and make products more effective than making products first and then seeking compliance..In other words, compliance has become a new unfair competitive advantage, such as the TRUMP family, which has the advantages of government resources, to reduce the dimensionality of the currency circle.
Coinbase’s Base, Circle’s USDC expansion path, and even the market expectations and valuation logic behind the Trump family’s WLFI have all verified the efficiency of this path.
above.
In a word:The next decade of Crypto may no longer be a geek that changes the world, but a person who knows how to package the on-chain world into a financial product that Wall Street can understand..Do you agree?
