Is the industry doomed? Is the future still bright? When will we hit the bottom?

Lately, a lot of folks in the back end have been asking me: bro, is this market done for? Is Web3 really just a scam?

I'll tell you straight up: the industry isn't finished; on the contrary, we are truly entering a golden phase.

Now if you open any group, it's flooded with candlesticks, liquidations, and both long and short kills. Even a lot of KOLs are starting to doubt themselves, saying stuff like 'The only value in Crypto is the casino.' Honestly, when I hear that, the only thing I feel is disappointment.

This round of correction is just a cyclical adjustment. Which industry only goes up without coming down? Have you ever seen a day that’s all wind and no rain?

But I also admit that the development of underlying infrastructure in this cycle has indeed hit a bottleneck.

The TPS bottleneck still hasn't been fully resolved, and distributed storage has been shouted about for years, but it’s implementation is a mess. DeFi has been attacked more times than I've changed my underwear this year. Plus, with the explosion of AI, the world is starting to question whether blockchain is outdated, pointing fingers at the industry and saying: look, Web3 is just a false proposition.

What's even more interesting?

No one is working anymore.

Investors and startup teams have gone off to trade coins. Vitalik has also gone off to date. Just think about it, in this cycle, aside from a few bullish candles and a bunch of bearish ones, how much has the industry really progressed?

No.

So let’s call it like it is: this round, a lot of builders just didn’t get the job done.

But—

If you think Crypto is just a big casino because of this, how are you any different from those gamblers who only look at candlesticks?

The financial nature of Crypto is indeed heavy, but it's far from being purely a casino. If you insist on calling it a casino, it's more like a Las Vegas level—some people lose everything, while others are truly building commercial empires.

The key question is: who are you, really?

Now let me tell you the truth. Take a close look at which projects are really working. For example,

Coinbase and Solana are pushing the X402 protocol.

Remember, this isn't just about shouting slogans and running off with the pump. They're genuinely advancing their business offline. X402's daily transaction volume is increasing, and the ecosystem is becoming more complete. Why? Because they know that for Web3 to develop, issues like payments, TPS, storage, and RWA need to be tackled.

Solving problems isn't done with just words.

So many projects in the past innovated halfway and then disappeared. They wrote 200 pages of PPT but only 20 lines of code. I wouldn't shed a tear if a thousand of these projects died.

So what's next?

My judgment is clear: the leading effect in the next bull market will be extremely strong.

Money won't be thrown around recklessly like before. With the wave of projects, no one’s going to hold your hand. Capital will embrace those long-term stable projects that are genuinely creating value. The gamblers will continue to be harvested in the contract market and on platforms like Polymarket.

The broad-based bull market we imagine will only happen in a small number of projects.

Now let's talk about the current market. Bitcoin dropped to around 60,000 and started bouncing back. Many people are eyeing the 30,000-40,000 range because in previous bear markets, the tops were often halved and then halved again, dropping 75% before it was time to buy the dip. But my own viewpoint is

Stop clinging to old strategies. What happened after the last halving or how much the bear market dropped—bro, the chip structure is completely different now.

the cost structure of chips now is much higher than before. Are you still waiting for BTC at 30,000? Still waiting for SOL at 35 bucks? Well, you can keep waiting.

TOM LEE says we're in the money-picking phase. There’s some truth to that, even if a lot of people laugh at him for being a big bag holder.

Today you call someone a bag holder, tomorrow you might have to call them a god. This person may often get called out, but their ability to see the big picture is a hundred times stronger than those who keep shouting '100k will never happen.'

Lastly, let me share a view that many people are afraid to say:

In the future, SOL will surpass ETH because SOL is actually getting things done, while ETH is just lying back!

Of course, in the future, there will be other projects that surpass SOL. I'm also positioning myself in potential gems like these, and feel free to hit me up; I really enjoy researching promising projects.

In the end, BTC won't always be the leader.

Saying this, I know some will hate me. But that’s not important!

If that day really comes, don't be surprised. It just means that this industry is finally entering a new era.

May the Aurora shine forever.

—Crypto Senior