jakiro
Author: Haotian; Source: X, @tmel0211
The crypto industry has been completely broken into a “Three Kingdoms Kill” situation, and all parties are playing different games:
——Crypto native technology narrative school:
The developer group, mainly Vitalik Buterin, still adheres to the ultimate “decentralized” geek thinking, adheres to technical narratives such as ZK, modularity, AI Agent, chain abstraction, parallel EVM, and builds like an ascetic, but falls into the vicious circle of infra technical debt and application implementation that is not as expected;
——CEX product operation and maintenance growth flow:
The exchange alliance led by CZ holds the two dragon-slaying swords of “flow + liquidity” and uses the “attention” siphon effect to lead the industry to extreme centralization, including the TGE assembly line, a brand new project that concocts Alpha+ contracts, and the planning of the new ICO boom of Perp Dex Exchange 2.0. It seems that it has temporarily revitalized Crypto’s economic vitality, but in fact it may conquer the source of Crypto’s technological innovation;
——Wall Street Financial Capital Operations Department:
The old foxes who are under the guidance of Tether, Circle, Stripe, etc., are driven by the US crypto friendly policies and are accelerating the “recruitment” of the entire Crypto market under the banner of compliance and innovation, using stablecoin public chains to bundle the native DeFi ecosystem, and use ETF funding channels, DATs, etc. to pave the way for Wall Street to control the entire infrastructure track. On the surface, they need to inject financial vitality into the crypto industry, but in fact they are all building a new revolution of “on-chain” enclosure;
above.
I understand the confrontation, game and cycle rotation behind this Three Kingdoms Kill.
When technology sends out great innovations, “follow” when CEX speculates hot spots, “fight” when Wall Street funds enter the market, and multi-line thinking parallelism can have great opportunities for our retail investors.
