Actually, as long as the community has enough consensus, the subsequent products can also perform well, and with potential narratives, it can withstand the pressure from CEX. The AI agent sector still needs to undergo some stress tests to prove it can develop in the long term.

In this cycle, what we see is not only the power comparison between CEX and DEX but also the game between on-chain communities and off-chain CEX.

Essentially, both sides are competing for control over liquidity. Unlike previous cycles, this time on-chain has already begun to exert substantial pressure on off-chain.

In the long run, the power on-chain will only become stronger.