#DeFi生态 After reading these two pieces of news, I feel much more at ease.

To be honest, this is the market signal I want to see. Meme coins and junk projects with low circulation and high FDV are beginning to be cleaned up, and institutional funds are focusing on DeFi blue chips—what does this mean? It means the environment for cutting leeks is getting worse, and the tricks are failing.

Projects that rely on FOMO and market manipulators are already counting down. What will replace them? Things with real value capture mechanisms—stablecoins, RWA, lending protocols, asset management. These may not be sexy, but they last longer.

I especially agree with Cantor Fitzgerald’s mention of the huge gap between "underlying real progress" and price performance. Too many people are still watching price fluctuations, but the real institutional players are looking at project financial discipline and sustainability. The bigger this gap, the easier it is for retail investors to be harvested.

There may still be adjustments in 2026, but this time is different—this time it’s about removing speculators and establishing pricing power for projects that are genuinely doing work. It used to be a game between market makers and retail investors; now it’s becoming a dialogue between institutions and fundamentals.

If you want to survive longer, you should start changing your perspective now—from "where is the next big wealth opportunity" to "how long can this project last, and is its mechanism self-consistent." This is not investment advice, just an observer’s perspective—market conditions have changed, and so should the way we live.