Personally, I conclude that there are two main reasons for the lack of innovation in this round (23-24 years):
1. In the ten years since the birth of encryption, all conceivable innovations have been made, and a large enough user base has been built; it is exponentially more difficult to innovate in the face of a large user base:
2. In a market that is in an interest rate hike cycle, there is not enough hot money (or stupid money) to promote "innovation", so it is difficult to attract new user increments through the "wealth effect" brought by "innovation" itself.
In summary, the stock is already enough, so much that the industry can live comfortably on its old capital. Facing the stock, it is more about providing good services rather than innovation, which is the optimal solution in all aspects.
And the increment? Let's talk about the bull market. When the bull market comes, you will see innovation.
Without enough wealth effect, you will not even look at the bright spots of innovation. With enough wealth effect, you will cry and shout to embrace innovation at the level of human civilization.
