The next step for Crypto Assets is "there is only one way", which is to become part of the mainstream world itself.

The only path ahead for Crypto Assets is not to drift away from the mainstream, but to become the mainstream world itself, allowing Crypto to become the carrier of technology. (Background: Standard Chartered: The RWA market size is expected to reach $2 trillion by 2028, DeFi has already shaken traditional finance) (Context: Standard Chartered: Bitcoin may “never” return below $100,000, four major forces support BTC) For Crypto Assets, there is only one path ahead — not to drift away from the mainstream, but to become the mainstream world itself. On October 29, when Nvidia became the world's first publicly traded company to surpass a market capitalization of $5 trillion, crypto practitioners collectively “broke defenses.” This is not only because Nvidia's market cap alone exceeds the total market cap of cryptocurrencies ($4 trillion), but also because Nvidia and the AI track it represents are striving to expand the boundaries of this world, seeking growth, while Crypto always gives the impression of being trapped in a zero-sum game. Many have not only failed to earn wealth, but have also lost their future. The hot topics discussed daily by AI industry practitioners are: autonomous driving, robots, life medicine, space navigation… How AI profoundly changes and reshapes the value of these industries. And as a crypto KOL said, the hot topics discussed daily by crypto industry practitioners are: cats, dogs, frogs, Chinese memes, who has listed on Binance Alpha, which celebrity liked and shared… After the hustle and bustle, they are left with a mess. The repeated breakdown of altcoins and meme waves may gradually help crypto practitioners recognize the direction. Only by combining technology with the physical world can Crypto have a more sustainable and long-term future. Let Crypto become the carrier of technology rather than a playground for gamblers. A more realistic issue is: when the market capitalization of USD stablecoins reaches $250 billion (the circulating supply of USD is about $2.5 trillion), Bitcoin's market cap exceeds $2.2 trillion (the market cap of gold is $27 trillion), and Binance's daily trading volume of spot and futures reaches $100 billion (the daily trading volume of Nasdaq is about $500 billion), Crypto has already run out of paths and can only become the mainstream itself. 1: Use blockchain technology to replace the entire global financial system. Stablecoins are gradually replacing the original operating system of fiat currency; cryptocurrency exchanges are gradually eating into the market share of traditional securities exchanges like Nasdaq; Bitcoin is becoming a new global value anchor after gold; public blockchains like Ethereum are attempting to replace Swift and build a new international value circulation network… From currency markets, securities markets, gold markets, international trade markets, to payment systems, cryptocurrencies are reshaping the entire financial world. In this process, the crypto industry itself is also constantly evolving. Stablecoins are evolving towards “decentralized stablecoins”; after USDT and USDC, there are also attempts at decentralized stablecoins like Ethena; cryptocurrency exchanges are developing towards “decentralized exchanges”; after the flourishing of centralized exchanges like Binance and Coinbase, decentralized exchanges like Uniswap, Phantom, and Hyperliquid have also emerged; Bitcoin is close to one-tenth of gold's market cap; more and more countries are viewing Ethereum as a new international trade settlement network. Every evolution in each field here is a change and reconstruction of the real world by technology. The Internet once caused a complete reconstruction of the global financial system. And blockchain is driving the second, and this time a more systematic reconstruction. Cryptocurrencies have gradually emerged from the marginal financial system, integrating and even potentially surpassing the mainstream financial system, with their pioneering progress in multiple fields already occupying one-tenth of the mainstream financial system. For example, USD stablecoins account for exactly one-tenth of the circulating USD, with a market cap of about $240 billion, while the latter is $2.4 trillion; for example, Bitcoin's market cap accounts for exactly one-tenth of gold's market cap, with Bitcoin's market cap at $2.2 trillion and gold's at $27 trillion; for example, Binance's daily trading volume accounts for about one-tenth of Nasdaq's daily trading volume, with Binance's daily spot trading volume at about $30 billion and the combined spot and futures trading volume at around $100 billion, while Nasdaq's daily trading volume is about $500 billion. 2: Like early Nasdaq, gradually become a carrier for marginal tech companies. Early Nasdaq, like today's exchanges such as Binance, was the platform where “penny stocks” were most prevalent. The early Nasdaq was not a mainstream exchange for trading blue-chip stocks like the NYSE; it primarily focused on small-cap stocks, tech stocks, and stocks of unlisted companies, providing transparent pricing and electronic matching. At that time, the mainstream exchange, the NYSE, still relied on manual shouting and trading hall systems. The early Nasdaq was also not as “high-end” as it is today; during the 1970s-1980s, the Nasdaq market was filled with various scams, almost like the “penny stock market” depicted in “The Wolf of Wall Street,” with “penny stocks” and manipulated penny stocks everywhere. Leonardo DiCaprio's character, Jordan Belfort, was a fund sales manager during that chaotic period and was very good at selling penny stocks, picking a stock from the penny stock market that no one had heard of, like the one mentioned in the movie: “Aerotyne International” — which was actually a non-existent airline. Jordan Belfort's original words were: “Sir, I have a company developing revolutionary aerospace technology, with investors including people from Boeing, and NASA is paying attention. You wouldn't want to miss such an opportunity, would you?” A large number of Nasdaq shareholders bought these penny stocks, just like the media and KOLs in today's crypto market: “Sir, this is a revolutionary x402 protocol token, companies interested in this protocol include Google, Visa, etc., and Coinbase is getting involved. You wouldn’t want to miss such an opportunity, would you?” However, many tokens have no actual companies behind them. It wasn't until the late 1980s and the tech stock boom of the 1990s, with the attraction of large tech companies like Microsoft, Apple, and Intel going public, that Nasdaq gradually became one of the mainstream exchanges and gained its current mainstream status. In 2004, the average daily trading volume of Nasdaq's stocks first matched that of the New York Stock Exchange (NYSE). From its founding in 1971 to Apple’s listing on Nasdaq in 1980, and then to 2004, Nasdaq took 33 years to surpass the NYSE for the first time. During this long process, Nasdaq also lost its way, but it eventually waited for the growth of internet and high-tech companies like Apple, Microsoft, Intel, and Nvidia, ultimately becoming the most mainstream stock capital trading market today. The growth path of Nasdaq may provide some insights for crypto practitioners to focus on the unique advantages of the Crypto trading market itself (fair launches, global circulation, early user airdrop equity), just like…