The myth of wealth creation in the crypto world is fading.

Most of those who once made money and became free have already stepped back. They no longer chase hot trends or scan for opportunities frequently, instead comfortably trading spot assets and investing. For those who never successfully bottomed out, opportunities are becoming increasingly scarce. As for those who made money but ultimately squandered it? It’s too late to make a comeback, because the overall trend in the crypto space has changed from what it used to be.

Have you ever thought about it? The crypto industry has essentially re-enacted all of humanity’s traditional financial practices over thousands of years. Token issuance (equivalent to printing money), exchange operation, stablecoin issuance (acting as a central bank), lending systems, staking products, instant swap tools — these are all part of it.

Interestingly, the United States has experienced similar eras in its history. From 1837 to 1863, during the so-called "Free Banking Era," almost anyone could open a bank and print their own banknotes. Chaos, opportunity, bubbles, and wealth all mixed together.

The emergence of the ERC20 protocol is, to some extent, a reenactment of this period on the blockchain. The blue ocean has turned into a red ocean, opportunities have shifted from unlimited to limited. Now, this sea is almost dried up.

So where is the next opportunity? Many people's attention has already shifted to on-chain US stocks and prediction markets. These areas still maintain a certain sense of novelty, and perhaps they are worth paying attention to.