📰Farewell to grand narratives, these three "structural mismatches" hidden beneath the surface reveal the next 10x opportunity. The crypto market is entering a value-driven "garbage time." The core logic is shifting from the "L1 public chain narrative" to "application capturing value." Stablecoins are moving toward compliance due to stricter regulations, while high-performance trading applications and DEX perpetual contracts are becoming the next growth drivers based on real revenue and user stickiness.