Since Bitcoin hit a high of $69,000 in 2021, four years have passed. During this period, BTC has experienced some growth, but ETH has yet to reach its peak from that year — this phenomenon reflects some deep-rooted challenges within the entire crypto investment community.

Industry insiders point out that the US, China, and South Korea, as the three core markets of the crypto industry, have all been in a bull market in recent years. Large capital flows are relatively clear: priority is given to traditional stock assets, and even precious metals (gold, silver, rare earths, etc.) have attracted considerable attention. The existence of an interest rate hike cycle has further suppressed the appeal of risk assets. More importantly, the impact of blockchain technology on the real world has not met expectations, causing many investors to adopt a wait-and-see attitude.

The trend of market sentiment shifting from emotion-driven to value-driven has become evident. Traditional Meme coins rely solely on emotional narratives, but this logic is gradually losing effectiveness. Investors are beginning to ask: where will the next cycle’s capital flow go?

By observing the movements of some ecosystem projects, several common features can be identified: First, "real-world impact" is supported by concrete data — not just paper promises, but verifiable off-chain evidence such as charitable projects in multiple countries and actual user growth. Second, the economic model’s internal consistency — building an endogenous cycle of "capital inflow → public welfare expenditure → social value → brand enhancement" through tax mechanisms and volunteer networks, rather than relying on external hype to maintain popularity. Third, the continuity of development — maintaining development and community engagement during the most dormant years of the crypto space demonstrates a true builder spirit. Lastly, regulatory friendliness — transparent operational methods combined with legitimate charitable projects naturally align with regulatory encouragement to create social value.

These features may indeed be the key dimensions for the market to reassess project value in the new cycle.