After years in the crypto space, I've seen a few complete bull and bear cycles. The deepest takeaway is that the fate of a project is often determined by its innovation capability.

Remember EOS? Back then, it raised $4.2 billion and boldly proclaimed "Blockchain 3.0," gaining immense attention. But what happened? Technological innovation stagnated, governance systems became chaotic, and ecosystem development stalled. Over the years, it was ruthlessly abandoned by the market. In contrast, Ethereum and Solana continuously pushed technological upgrades, expanded their ecosystems, and although they faced setbacks, their drive for innovation never waned.

The underlying logic is quite simple: some projects survive on early funding and market hype, only to reveal their true nature once the hype fades; others focus on product iteration and ecosystem building, becoming increasingly competitive. We can call the former "declining type" and the latter "growth type."

In essence, competition among blockchain projects is a contest of innovation-driven momentum. Continuous investment, daring breakthroughs, and dissatisfaction with the status quo—these traits determine how far a project can go. Projects resting on past achievements, thinking they've secured their future forever? The market will give the most direct answer through trading volume and market cap.

So if you're choosing projects for long-term holding, it's better to look at what the development team is working on, how the ecosystem is expanding, and whether the technical roadmap is truly progressing. These factors speak louder than any grand narrative.