The main line of the new cycle in cryptocurrency is locked on RWA: The dividends of the old track have been exhausted, and new leaders are waiting to initiate a trillion-dollar market.

The cryptocurrency industry has entered a phase of stock game iteration, mainstream tracks have reached development bottlenecks, speculative dividends have peaked, breakthrough opportunities are scarce, and the industry urgently needs new engines to drive growth:

DeFi track: The pattern is completely solidified, leading projects like AAVE have mature ecosystems, firmly occupying the core hub position for on-chain lending, and the industry's incremental space is approaching the ceiling, making it difficult for phenomenal innovations to emerge again;

MEME track: Purely driven by emotional speculation, lacking substantial value support, most projects hide speculative scams, and after the hype recedes, they quickly return to zero, with only a few leading coins relying on community retention, having weak long-term value;

L2 sector: The value logic has been completely overturned by Ethereum's upgrade, with a significant contraction in expansion demand. Most projects depend on the ETH ecosystem for survival, dragging down ETH's value release, and the boundaries of survival continue to shrink;

Public chain sector: The end of homogeneous competition, ETH, SOL, BNB, and TRX have covered the mainstream crypto ecological needs globally, with underlying technologies and scenarios highly overlapping. The remaining public chains are mostly products of pseudo demand, lacking core competitiveness, making it difficult to break the existing pattern;

Stablecoin sector: The monopoly pattern is solid, with USDT and USDC occupying an absolute dominance due to compliance advantages and ample liquidity. Subsequent projects lack differentiated barriers, making it difficult to break through in volume, and many are relegated to marginal roles, with extremely low practical value;

PerpDex sector: The concentration effect of leading players is extreme, with HYPE firmly sitting at the top due to real trading volume and ecological stickiness, while competitors rely on wash trading to create false prosperity. The trading volume is heavily inflated, lacking sustainable operational capacity, making the bubble easy to burst;

Privacy coin sector: Under the constraints of global regulatory pressure, application scenarios are extremely limited. Only ZEC (short-term speculative hotspot) and XMR (core demand in gray markets) have a small amount of implementation, with compliance paths unclear, and long-term development space severely suppressed.

At the juncture of old and new, the RWA (Real World Assets on-chain) sector is on the brink of explosion, being the only core sector in the current crypto industry that possesses incremental space, compliance potential, and practical value. As a key hub connecting traditional finance and the crypto ecosystem, there is an urgent demand for the on-chain migration of massive amounts of real-world assets such as stocks, bonds, and commodities. However, the current sector is still in its early development stage, and no leading projects with market capitalizations in the top ten of the industry have emerged yet. The ecological construction still needs to be improved, and there are huge hidden dividends due to the supply-demand imbalance.

Currently, there is a scarcity of practical projects in the RWA sector, with core players focusing on differentiated layouts: ONDO mainly targets on-chain coin-stock trading, breaking the circulation barriers between crypto and traditional equity assets; SYRUP focuses on synthesizing high-quality dollar assets, relying on stablecoins to build efficient yield scenarios; PLUME is deeply engaged in a high-performance public chain dedicated to RWA, solidifying the underlying technical foundation for asset on-chain migration. Among them, ONDO's layout in the on-chain coin-stock direction precisely aligns with the industry's development trend. The SEC chairman of the U.S. has clearly stated that "the U.S. financial market may be fully on-chain within two years," and the transformation of traditional financial assets into crypto has become a definite trend. RWA will undoubtedly lead the next round of innovation explosion in the crypto industry, with the rise of leading players in the sector and the expansion of value being just around the corner.