#DeFi生态发展 Seeing this judgment, I have to admit it's a bit heartbreaking, but it truly reflects my feelings over the past two years.

Remember the 2023-2024 wave? Various low-liquidity, high-FDV air projects kept emerging, Meme coins were everywhere, and people were still talking about the metaverse in NFTs. Back then, as long as it was related, someone would chase after it. And what happened? One wave after another was cut off, and most people ended up as bag holders. I've seen quite a few old investors get burned, some still haven't recovered.

The current shift is actually a warning — the market is self-cleaning. Projects that rely on stories, FOMO, or whale manipulations are gradually losing effectiveness. Institutions are starting to select DeFi blue chips, focusing on genuine value capture and cash flow. This isn't bad news; in fact, it's good because it means the surviving projects are more worth watching.

But be cautious: institutional deployment of quality DeFi doesn't mean all DeFi projects will rise. The rebound opportunities will indeed be "highly concentrated," which means many projects will be filtered out. If you're still blindly casting your net, you're heading for the cold palace.

My simple advice for 2026: stop chasing new projects, study those with real protocol revenue and financial discipline, learn to recognize the project lifecycle, and don't be blinded by the word "innovation." Longevity is more important than quick gains.