#数字货币市场洞察 $LUNC

Recently, I saw a comment from Paradigm co-founder Matt Huang, and it suddenly made me realize what’s truly different about this market cycle compared to the previous ones.

He introduced a concept—the “iPhone moment” for crypto. At first, it might sound like the same old bull market hype, but if you think about it, the analogy is actually quite accurate.

Back in 2007, before the iPhone launched, people thought of phones as just for calls and texts. But what Jobs brought wasn’t just a touchscreen—it was a complete redefinition of “what a phone can do.” After the App Store appeared, the entire mobile internet ecosystem was built. Developers, users, content creators—all flocked in.

Right now, the crypto world feels a bit like that.

Institutional money is entering on a massive scale—not just to pump coins and leave, but genuinely building infrastructure and laying out long-term ecosystems. At the same time, breakthroughs like Layer2 scaling solutions and modular blockchains are lowering the cost and barriers for on-chain operations to unprecedented levels. Just like how iOS enabled developers to easily create all kinds of apps back then, today’s underlying technologies are starting to support much larger-scale applications.

Last bull market, DeFi proved that “on-chain finance works.” This round? RWA (real-world asset tokenization), cross-border payments, on-chain social, and gaming—these sectors are moving from concepts to real-world applications. The scale might be even bigger than we imagine.

So my sense now is: stop staring at the candlesticks watching prices go up and down. The real opportunities might be hidden in those protocols that are being adopted at scale and are actually solving real problems. Shifting from a “coin-trading mindset” to a “blockchain utility mindset” might be the perspective we need at this stage.

The bull market hasn’t burned out—the gameplay has just leveled up. $ETH

Which sector do you think will be the first to produce a truly mass-market application?