Current market situation:

Low trading volume, almost zero growth of new users, the on-chain community has become desolate, and gas fees are nearly zero.
There are no new stories, and old stories are no longer believed.
Those who remain on the scene are all project parties and seasoned veterans with years of experience who are unwilling to leave.

The rest depends on whether RWA stablecoin-related payfi can come up with something useful. As for other things, don't even look at them; they are all PvP, with dealers, project parties, and old hands from a few years ago stabbing each other in a game of competition.