In fact, there is a fundamental contradiction here, which has not been self-consistent for two cycles: Utility is bounded, but Token is boundless

Because tokens exist on the chain, they are naturally long-lived, which gives people a stereotype similar to the "perpetual operation" in accounting standards.

But in fact, regardless of whether to cut or not, any application has a life cycle. How long can a game last? A C-end application will be eliminated in a few years no matter how it is modified. Moreover, many applications in crypto must revolve around the token system, and the extent of change is limited.

This results in most tokens being like technology stocks. As time goes by, their growth potential becomes lower and lower. There is a scientific basis for the market to play with new things instead of old ones.

If a coin cannot become more like a commodity rather than a tech stock, you extend the timeline and its demise is inevitable.

So the longer I am in the market, the more I disenchant market capitalization and empowerment, and the less I need to rationalize the valuation of a project: it is difficult to find a market like crypto in the world that requires assets to complete the valuation system transition from risk assets to commodities.