Recently, while chatting with a fren, we talked about an interesting topic – is this the last bull run in the encryption industry?

His viewpoint is rather pessimistic, believing that the bull run cycle has come to an end and plans to gradually withdraw from this industry. But my perspective is different. I think encryption will always have bull runs, but the way it manifests will undergo fundamental changes.

What have we seen in the past few rounds of bull runs? Altcoins making moves, meme coins and various concept coins taking turns to skyrocket, with the market filled with pure speculation and stories. The future bull run may gradually align with the logic of traditional stock markets - driven by value rather than air concepts.

This transformation did not happen suddenly. Looking back over the past few years, the market and users have had ample time to settle down and learn. Users' understanding and experiences are constantly upgrading, and the old tricks of relying solely on storytelling and high control to pump prices have failed. Just look at this round of MEME market to illustrate the issue—no matter how much the market hypes it, it cannot create the next PEPE. People may stumble in the same pit, but they will not keep falling there. The market's reaction has already provided the answer.

For future encryption projects to survive, they must return to the fundamentals. The old routine of digging pits to bury frens is completely unworkable; those that can truly survive are the ones with feasible landing plans, revolutionary technological support, practical and convenient product experiences, and a sincere attitude.

From another perspective, if the bull run of altcoins completely disappears, it may instead indicate that the encryption industry is moving towards a healthier and more mature stage. That might be the real winning scenario for the industry.