The recent signal from Federal Reserve officials is worth noting: inflation is expected to approach the 2% target this year. It sounds simple, but its significance is profound—this could mean the end of years of "inflation sniper battles." The focus of monetary policy is quietly shifting from simply "suppressing inflation" to gradually evolving into "finding a balance between growth and inflation." The market is beginning to adapt to a new reality: interest rates will remain at relatively high levels, but volatility will gradually ease.

This macro turning point causes turbulence in the valuation logic of all assets. A piercing question follows: when the Fed's 2% inflation anchor is about to be re-solidified, do global funds still need to chase those "real yields" that far exceed this benchmark? Or, in other words, can they still be found?

The search for answers is turning attention outside the traditional financial system—toward things represented by certain blockchain protocols. These protocols are characterized by: not relying on central bank decisions, but generating returns through the operation of the network itself. As traditional interest rate markets gradually return to "normal," will the uniqueness of digital assets driven by code and possessing endogenous blood-making ability become more prominent?

What does it mean for traditional markets to enter the "mediocre period"? If inflation truly stabilizes at 2%, the market no longer needs to wildly bet on whether "inflation is 3% or 4%." The intense betting phase comes to an end, replaced by a more rational but also more dull interest rate environment. At this point, alternative income sources provided by the blockchain ecosystem become particularly important—they are unaffected by central bank policies, and their returns are determined by the economic design at the protocol layer. This is a "stress test": when traditional options become ordinary, can the native value propositions of crypto stand firm?