The biggest demand of this cycle is expansion, which is also the biggest narrative. It is driven by the birth and prosperity of DeFi and NFT, and is a natural force. In this cycle, L2 and modularization are gradually implemented, and the infrastructure is not only relatively complete, but also has a state of over-construction, which also leads to the lack of focus and clarity of the theme narrative of this cycle.
What can break the situation is to build applications with sufficient user scale on these "over-supply" basic platforms, so that the demand for infrastructure will become tense again. The breakthrough lies in breaking the circle, in applications, not in infrastructure.
At present, in addition to DeFi and meme, games, social networking, Depin and other tracks are being explored, but almost all tracks have not yet reached the level of breaking the circle.
At present, investment institutions prefer infrastructure, and the rate of return is relatively high, but if it is all segmented liquidity, carrying a bunch of similar uninnovative applications, the value of the infrastructure project itself will gradually decline. 交锍隇👗：xntm566 It's time for institutions to promote the construction of applications.
If this cycle or the next cycle wants to reach the status of the previous cycle, it is necessary to achieve a breakthrough in the scale of application, whether it happens in value storage, stablecoin applications, defi, nft, or in games, social networking, depin, AI, or new tracks.
If there is no breakthrough, imagination will be lost, and losing imagination will become a boring PVP field
