The narrative in the crypto world is currently facing exhaustion because its second phase mission cannot be achieved at this moment.

Its first phase mission has already been accomplished, which is making digital currencies one of the mainstream currencies. This phase relied on consensus.
The second phase mission is to become a financial market comparable to or even surpassing Nasdaq. However, this phase is difficult to achieve because it depends on the overall quality of participants.
Why is that? Because to surpass Nasdaq, the market must be decentralized, becoming an independent, fast financing market that does not require complicated and cumbersome procedures. For example, Zhang San wants to start a company. He has a great idea and operational model. He no longer needs to persuade investors or seek financing through gatekept mainstream markets like A-shares or U.S. stocks. He can easily raise tens of millions or hundreds of millions of dollars in the crypto space to realize his vision.
What the crypto world needs to do now is incubate dozens of unicorn companies to prove its value. However, currently, the overall quality in the crypto space is low, scams are rampant, and most projects are basically just money grabs.
For example, leading exchange operators like CZ should act like the chairman of the securities regulatory commission, but in their self-perception, they see themselves as casino bosses.
The entire industry, from top to bottom, is full of scammers and gamblers. The absence of regulation and high overall quality are fundamentally incompatible.