As the U.S. cryptocurrency legislation gradually takes shape, cryptocurrencies have finally crossed the chasm stage in the "innovation diffusion theory." This marks a critical leap from crypto-native users to the mainstream market. The crypto moat is very shallow, with open-source code and users seeking profit, leading to the short life cycles of most projects. Under intense competition, platforms like Uniswap and Aave continue to iterate and update, successfully stabilizing at the top of the industry. The extreme power-law distribution characteristic of crypto users is also a remarkable phenomenon, with half of the trading volume on OpenSea and PolyMarket contributed by the top 0.2% and 0.06% of users, respectively. Now, with the maturity of technology and regulatory policies, the crypto-native market is approaching the saturation point of "early adopters" in the innovation diffusion theory. In the second phase of the crypto market, crypto-related companies will gradually surpass crypto-native companies. They will treat blockchain as an "enhanced feature" rather than a core product (such as stablecoin payments, DePIN robots), with success hinging on their ability to deeply cultivate vertical industries. The transition period requires teams that understand both the vertical field (like payments) and have distribution barriers. I believe a batch of crypto-related companies that utilize crypto features but do not sell coins will soon emerge. Remember the warning from "Crossing the Chasm": don't expect early adopters and the early majority to pay for the same product!