#DeFi生态发展 Seeing this forecast, my first reaction is: finally, someone has said it out loud.

Over the past two years, I have witnessed too many projects fall from "revolutionary innovation" to "Ponzi schemes." The frenzy around Meme coins, the false hype of NFTs, the scams with low circulation and high FDV—these are nothing new, just repackaged and repeated. The projects that survive are few, and most participants end up with losses and regret.

This shift is actually a good thing. Institutions are beginning to focus on DeFi blue chips, indicating market self-purification. But there is a key trap to watch out for: **rising concentration**. Capital flowing into top projects sounds reasonable, but it also means smaller projects are more vulnerable to being cut off, and retail investors are more likely to get stepped on.

My experience is, don’t follow the institutions’ lead blindly. Their costs, information advantages, and risk tolerances are all different. More importantly, look carefully at those claiming to be "DeFi blue chips"—do they have a real value capture mechanism? Don’t just look at the token price; see if the protocol itself can generate sustainable cash flow.

Stablecoins, RWA, lending—these directions are indeed dominant, but that doesn’t mean every project in this track is worth jumping in. The survival rule is simple: don’t chase the hot trends, don’t be hijacked by narratives, and prioritize risk prevention. The longer you live, the more stable your earnings.