There is a phenomenon in the industry worth noting—more and more crypto companies, besides stablecoins and core infrastructure, are pushing into the trading platform space. It seems glamorous, but in reality, they are trapping themselves in a red ocean. A seasoned crypto investor bluntly stated that this kind of homogenized competition is particularly damaging. Most companies' market attention is declining sharply, and in the end, only a few winners will survive.

This serves as a warning to founders—shifting too quickly to trading business might mean missing the opportunity to build more defensive and recession-resistant businesses. Instead of following the trend to develop trading features, it's better to focus on innovation in the product itself. Developers who do so are more likely to become big winners.

On the other hand, regulation is also heating up. Currently, the Trump administration is more proactive than before in pushing forward legislation to regulate the crypto market structure. Once this legislation passes, the transparency of the entire market will be greatly improved, and standards will become clearer. Funding, token issuance, and decentralized applications will all find clear development paths. In other words, developers now need to prioritize compliance.