#稳定币生态发展 Seeing Framework Ventures' discussion, my thoughts have once again returned to those years.

The madness of 2017, the winter of 2018, the sudden explosion of DeFi in 2020, the NFT frenzy in 2021... Each cycle repeats the same script: new narratives emerge, retail investors flock in, institutions watch on, and in the end, everything is left in disarray. Those projects that truly survive and create value have long been quietly building infrastructure amidst the noise.

Looking back now, Vance's judgment isn't really new—it's an inevitable process of return. Meme coins and projects with low circulating supply but high FDV are destined to be bubbles, just like the ICO chaos of the past. We've experienced those cycles, and we already have a sense of what's coming. The more interesting part is that sectors like stablecoins, RWA, and lending are essentially recreating traditional finance on the blockchain. This isn't innovation, but evolution—solving traditional financial problems through blockchain technology.

Institutional funds continue to flow into DeFi blue chips. What does this indicate? It shows that players are finally realizing that the future of the crypto industry isn't about creating FOMO, but about building sustainable value capture mechanisms. Projects with real cash flow, reasonable fee models, and disciplined financial performance are the ones worth betting on.

The high concentration in 2026—this is what I find most intriguing. Rebound, rally, exit opportunities are no longer abundant but scarce. This means the power of choice is once again in the hands of those who truly do their homework. Just as history keeps repeating, participants are evolving.