Everyone in the crypto world can feel the fatigue this year. It seems like the market has been drained—no new public chains, no DeFi innovations, no 100x tokens. Narratives are exhausted, liquidity has bottomed out, VCs have stopped investing, retail investors are hurting each other. It looks like a collapsing gamble.

But what I want to say is: this feeling of "having nothing" actually indicates that a true new era is beginning.

Think back to the internet from 1999 to 2001. At that time, the whole world was calling the internet a scam. .com companies went bankrupt en masse, stock markets plummeted, and the media shouted about bubbles every day. Sounds familiar, right? But in those unseen corners, things that would change the world were slowly taking shape: browsers became stable, HTTP became a standard, search engines started working, online payments emerged, and people got used to "surfing the web." The most critical things of that era weren’t in stock prices—they were in protocols and usage habits.

The current crypto industry is the same.

On the surface, you see shitcoins dying, MEME coins self-destructing, VCs unlocking and dumping large amounts, retail investors falling into despair. But what’s happening behind the scenes? Wallets are transforming into operating systems. Stablecoins are beginning to serve as global dollars. On-chain settlements are being used by real companies. AI is starting to interact with on-chain assets. On-chain identity and permissions are becoming a trend.

This industry is evolving from a "casino" into "infrastructure." And why isn’t infrastructure sexy? Because that’s just how it is.

The question has never been "Is there still a chance," but rather: with your old mindset and sword, are you trying to cut down the new era’s officials?

In such an era, don’t focus on which coin is rising, but on which behaviors are starting to look less like "speculating on coins."

When wallets begin to support batch operations, automation, session permissions, sub-accounts, and gas payments on behalf of others, what you’re seeing is not just product updates, but individuals gaining bank-level permission systems. When you find a bunch of critical tools without tokens, but everyone is using them, that’s when HTTP, DNS, and browser kernels are being born.

These things will never appear on market cap rankings, and KOLs won’t hype them as narratives. No tokens, no airdrops, no 100x returns. But they are the real things that will determine what the future looks like.