DeFi is one of the few concepts in the crypto world that seems to have successfully demonstrated a practical use case after countless financial innovations.

At this critical moment, I feel that the market is generally underestimating the long-term impact of a series of crypto regulations from the United States. With the compliance of USD stablecoins and the implementation of other crypto compliance laws.

It is very likely to trigger a round of national-level policy FOMO, turning sharply from a right-leaning stance to a left-leaning one.

For example, digital CNY is designed entirely from the perspective of "easy regulation" without considering the users or the actual users' needs, and it can already be deemed a failure at this stage.

Next, with the foreseeable growth of the USD stablecoin volume and use cases, at the national level, user-facing stablecoin policies and crypto policies in the face of competition can be expected.

It is difficult to say what new opportunities will arise; aside from the crypto stocks, it is clear that the related native crypto assets must be defi.