Author: Haotian The crypto industry has been completely torn into a "Three Kingdoms" situation, with each party playing a different game : ——Crypto native technology narrative school : The developer group, led by Vitalik Buterin, still adheres to the ultimate "decentralized" geek mentality, adhering to the technical narrative of ZK, modularization, AI Agent, chain abstraction, parallel EVM, and building like an ascetic monk, but has fallen into a vicious circle of infra technical debt and application implementation that falls short of expectations; ——CEX product operation and maintenance growth flow : The exchange alliance, led by CZ, holds the dual power of "traffic and liquidity" and is using the "attention" siphon effect to lead the industry towards extreme centralization. This includes the creation of a new TGE pipeline for the Alpha+ contract project and the planning of the new ICO craze for the Perp Dex exchange 2.0. While this may seem to have temporarily revitalized the crypto economy, it may actually be strangling the driving force behind crypto technological innovation. ——Wall Street Financial Capital Operation Department : TradFi veterans like Tether, Circle, and Stripe, driven by the crypto-friendly policies of the United States, are accelerating their efforts to "recruit" the entire Crypto market under the banner of compliance and innovation. They are bundling the native DeFi ecosystem with stablecoin public chains and paving the way for Wall Street to control the entire infrastructure track with ETF funding channels and DATs. On the surface, they want to inject capital into the crypto industry, but in reality, they are all launching a new revolution of "on-chain" enclosure. above. I understand the confrontation, game and cyclical rotation behind this Three Kingdoms Kill. "Follow" when technology brings out awesome innovations, "ride on" when CEX creates hot topics, and "rush" when Wall Street funds enter the market. Only by thinking in multiple ways can we retail investors have great opportunities .Author: Haotian The crypto industry has been completely torn into a "Three Kingdoms" situation, with each party playing a different game : ——Crypto native technology narrative school : The developer group, led by Vitalik Buterin, still adheres to the ultimate "decentralized" geek mentality, adhering to the technical narrative of ZK, modularization, AI Agent, chain abstraction, parallel EVM, and building like an ascetic monk, but has fallen into a vicious circle of infra technical debt and application implementation that falls short of expectations; ——CEX product operation and maintenance growth flow : The exchange alliance, led by CZ, holds the dual power of "traffic and liquidity" and is using the "attention" siphon effect to lead the industry towards extreme centralization. This includes the creation of a new TGE pipeline for the Alpha+ contract project and the planning of the new ICO craze for the Perp Dex exchange 2.0. While this may seem to have temporarily revitalized the crypto economy, it may actually be strangling the driving force behind crypto technological innovation. ——Wall Street Financial Capital Operation Department : TradFi veterans like Tether, Circle, and Stripe, driven by the crypto-friendly policies of the United States, are accelerating their efforts to "recruit" the entire Crypto market under the banner of compliance and innovation. They are bundling the native DeFi ecosystem with stablecoin public chains and paving the way for Wall Street to control the entire infrastructure track with ETF funding channels and DATs. On the surface, they want to inject capital into the crypto industry, but in reality, they are all launching a new revolution of "on-chain" enclosure. above. I understand the confrontation, game and cyclical rotation behind this Three Kingdoms Kill. "Follow" when technology brings out awesome innovations, "ride on" when CEX creates hot topics, and "rush" when Wall Street funds enter the market. Only by thinking in multiple ways can we retail investors have great opportunities .