A 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 the "inflation sniper battle." The focus of monetary policy is quietly shifting from solely "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 fluctuations in the valuation logic of all assets. A pressing question follows: after the Fed's 2% inflation anchor is re-established, 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 entities 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 capabilities become more prominent?

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