Recent data on new project launches is a bit disheartening. Solstice planned to raise $4 million, but only 666 wallets participated, and ultimately only raised $923,000. The pure DeFi plus interest-bearing stablecoin approach has long been outdated; the market has lost interest in this type of project.

Space's situation is slightly better, with some big players entering during the process. However, the problem is that the funding rounds have been dragged out too long, from Diamond to Bronze to Scrap Metal, pushing the valuation up to $99 million. While prediction markets are indeed a promising sector, the price-to-value ratio is really hard to accept.

These days, the trending topic across screens is the same—"Crypto is dead." It sounds exaggerated, but the underlying logic is clear: the old narrative can no longer hold, and the industry must truly mature. It can no longer survive on hype; it must move toward real-world applications.

How to choose investment targets? My advice is as follows: First, it should be user-friendly for ordinary people, requiring no background knowledge of crypto; second, the protocol should generate real income, with buyback or dividend mechanisms; third, it should solve practical problems—payments, stablecoin applications, prediction markets, decentralized physical infrastructure; finally, ask yourself a tough question: if the token is removed, would people still be willing to spend fiat currency to use this product? If the answer is yes, then it’s a worthwhile investment.

The transition from old to new will definitely be intense. The best strategy at this stage is to stay away from altcoins. When market sentiment hits rock bottom and everyone is bearish, try not to sell at a loss—there will likely be a rebound.

Additionally, a security warning: Trust Wallet’s browser plugin version has recently been attacked, resulting in a loss of about $6 million. Friends using this wallet should hurry to transfer their funds, and large amounts of funds should avoid keeping them in hot wallets.