After the infrastructure is完善, consumer applications have become the new focus of the crypto market.

The current crypto market is shifting from a technology-driven approach to a user-driven one. The infrastructure has matured, marginal returns are diminishing, and capital and talent are beginning to flow towards consumer-facing applications to demonstrate the real value of blockchain. This has turned the entire crypto market into a battleground for the attention economy.

Although the market capitalization of stablecoins is growing, it mainly comes from institutional purchases of BTC/ETH and the expansion of stablecoin payments by governments and enterprises, rather than speculative capital. The market lacks the retail enthusiasm seen in 2021, and new liquidity is limited.

In the next 5 years, the crypto market may welcome a second wave of growth, mainly driven by Web2 users and retail investors:

1. The policy environment is becoming clearer, paving the way for entrepreneurs.
2. Stablecoin legislation has expanded the market size for crypto applications.
3. Web2 users are more concerned about the application layer that can interact directly, rather than the underlying technology.

The market is gradually maturing, placing more emphasis on actual users, revenue, and product-market fit rather than pure technology. Many consumer applications such as Hyperliquid and Pump.fun have achieved considerable revenue, far surpassing infrastructure projects that have received high funding but lack users.

After the deep integration of Web3 and Web2, the characteristics of attention economy will become more pronounced. Virus dissemination and user stickiness will become the key to victory, and consumer applications can achieve this most easily.

The tracks that have currently achieved product-market fit include:

• Trading/perpetual contracts ( such as Hyperliquid, Axiom )
• Launchpad/Meme Coin Factory ( such as Pump.fun, BelieveApp )
• Information finance and prediction markets ( such as Polymarket, Kaito )

Potential fields that may emerge in the future:

• One-stop encryption financial services, integrating deposit/withdrawal, DeFi and other functions
• A blockchain-based entertainment/social platform that replaces advertising with on-chain monetization.

The AI and gaming sectors are still in their early stages and have yet to develop breakthrough applications.

The activity is positively concentrated on a few consumer-friendly "super chains," such as Solana and Hyperliquid. Attention should be paid to the killer applications and their infrastructure within these ecosystems.

When investing in consumer applications, attention should be focused on:

• Distribution capability and execution ability, rather than just pure technology
• User experience, speed, liquidity, and narrative fit
• Evaluate from a business rather than a protocol perspective: actual revenue, scalable models, industry dominance path

In the next 5 years, projects that transform consumer applications into the daily experiences of millions of Web2 users may yield excess returns.