From underground to mainstream, from the margins to the table, the evolution of the encryption circle increasingly resembles the trajectory of HIP-HOP.

The initial encryption world was like street rap in the 90s, full of rebellious, anonymous, non-mainstream wild charm. Those early players believed in freedom, decentralization, and anti-censorship, embedding "anti-establishment" in the code.

Recently, traditional finance has been very active, and encryption has gradually moved from "underground culture" to "mainstream business"—just like HIP-HOP entering the Grammys, signing with major record labels, becoming a trend, and serving as background music in advertisements. Web3 has also begun to receive endorsements, collaborations with major companies, and participation from capital in Wall Street and Silicon Valley.

The tension and symbiosis between the two:
Underground retains the soul of encryption, Mainstream brings space for survival.
The two are not a choice between one or the other, but rather mirror each other and jointly drive the industry forward.
Just like HIP-HOP has underground freestyle cyphers, it also has superstars that perform at the Super Bowl.

Future?

Policy pressure accelerates the division of circles, with some projects opting for compliant listings while others continue with anonymous governance.
Both camps have their followers: one believes in immutable code, while the other embraces pragmatic compromises.