The next innovation boom in the cryptocurrency industry will definitely be in RWA.

The DeFi track in the crypto space has basically reached its peak, having produced phenomenal products like $AAVE , which, as the largest blockchain bank, is now mature.

People have played around in the MEME track only to find that most are scams—when the hype fades, there's nothing left, and only a very few MEME coins manage to survive.

The L2 narrative has been disproved; after Ethereum’s upgrade, there’s really no need for so many L2s. In fact, L2s are just leeching off Ethereum and dragging down $ETH ’s development.

The public chain track can no longer fool anyone. People have realized that blockchain doesn’t need so many public chains—just $ETH ➕, $SOL ➕, $BNB ➕, $TRX are basically enough. The vast majority of public chains are unnecessary.

In the stablecoin track, $USDT and $USDC have basically taken the absolute lead. The future development of $USDE is yet to be verified, and other stablecoins are basically useless and not worth mentioning.

In the perpdex track, $HYPE has already taken the absolute lead. The other projects have trading volumes mainly from wash trading, which is just an illusion of prosperity.

As for the privacy track, which is the most original track in cryptocurrency, its development is limited due to regulatory reasons. Apart from the recently hyped $ZEC , the most widely used privacy coin in the gray market is $XMR .

It can be seen that the currently popular tracks in the cryptocurrency industry have all matured, and only the RWA track is just beginning. So far, there hasn't been a leading project in the RWA track comparable to $ETH in other tracks. In fact, there isn’t a single RWA project in the top 10 by market cap, which is unreasonable. But precisely because this track is just starting out, it holds the greatest potential for gains. There are not many projects actually doing real work in the RWA track—$ONDO focuses on on-chain stock trading, $SYRUP focuses on synthetic stablecoin yields from USD assets, and $PLUME focuses on high-performance RWA public chains. Comparatively, I’m more optimistic about the direction of $ONDO . On-chain stock trading is bound to be the future trend. According to the SEC Chair: the entire US financial market may migrate on-chain within two years.