CVX's market has already been thoroughly shaken out; the entire ecosystem won't die that easily. But to survive the next cycle, there must be a爆发 of wealth effect, otherwise it's basically game over. So the market still needs to be pushed.

Since the shakeout has been completed, the question is—who to pull on board?

Looking at the Perp sector, the targets are too scattered, and the moat is essentially nonexistent. A single code can be copied, and the bubble has long been blown out of proportion. This area isn't doing well right now.

Memes are just short-term hot air, and they can't form genuine consensus; durability is questionable.

What about the new L1 contenders? Prices have already been driven very high, projects are quite heavy, and most importantly—L1 and L2 are essentially dead ends; returning to zero is just a matter of time.

On the other hand, the stablecoin sector offers a certain and tangible expectation of landing.

As for oracles, Link's performance isn't sensitive enough and still faces the risk of attacks and injection. Plus, the real demand for RWA (Real-World Assets) needs time to mature, so its爆发 will be quite slow.