#稳定币市场发展 When I saw the data that GameFi financing dropped by 55%, I wasn't really surprised. Over the past few years, we've seen too many projects that are "sustained by token incentives." Once the hype fades and incentives dry up, users scatter completely. Most of the impressive daily active user numbers are mostly bots.

But there's a noteworthy signal in this report—the rise of Web2.5 games. These products treat blockchain as infrastructure, bypassing the rigid token designs, and instead focus on genuine product experience and commercial value. Sounds very pragmatic, right?

This actually reflects an important shift: the industry is beginning to move from "speculation first" back to "value first." With the popularity of stablecoins, small transactions and global payments become smoother, and the incentive mechanisms for user engagement can operate more flexibly. There's no need for users to constantly watch token price fluctuations; the product itself can create appeal.

For us prudent investors, this is a reminder: don't be fooled by the growth in financing numbers; look carefully at the underlying business logic. Projects that can truly go far are often those that prioritize user experience rather than making tokens the core attraction. In the long run, such projects are more controllable in terms of risk, and a more stable mindset can be maintained.