The market is undergoing a profound transformation. The key driving forces in the crypto investment space have shifted from mere storytelling to the testing of real business operational capabilities.

What does this shift mean? Simply put, projects that rely solely on concepts and expectations are facing a shrinking space. Tokens like XRP and ADA, which were once highly regarded, may come under pressure in the next cycle if they cannot find concrete real-world applications and stable profit sources.

In contrast, projects like Hyperliquid are building a value growth model similar to equity investment through profit-based token buybacks and burns. This approach is crucial—it transforms tokens from purely speculative assets into assets capable of generating measurable returns.

Even more interestingly, the entire industry structure is also being reorganized. In the next 1 to 3 years, wallets and exchanges are upgrading to "new financial service centers," integrating stablecoins, tokenized assets, money market functions… The crypto ecosystem is rapidly approaching the maturity level of traditional finance.

This means that the true winners must be projects that can withstand cycles, with sustainable cash flows and value capture mechanisms. Are the tokens you hold still in the storytelling stage, or do they already have real business support?