After experiencing multiple bull and bear market cycles, the crypto market is gradually moving away from a single narrative centered on price fluctuations. Whether it’s the Bitcoin halving, the approval of ETFs, or the rapid rotation of trending sectors, all these events reinforce a reality: while market movements can occur repeatedly, a growth model solely driven by price and sentiment is increasingly unable to support the long-term consistency of the system. This shift is particularly evident in the decentralized finance (DeFi) sector. In the past few years, DeFi competition has largely revolved around liquidity scale, incentive efficiency, and governance...
BlockchainMarch 10, 2026March 10, 2026