"Crypto is dead" is not bad news; it marks the true beginning of the crypto industry’s winning phase.

This article has recently gone viral in overseas circles, not because of bearish price predictions, but because it touches on a harsh reality happening in the industry—"Cryptocurrency, as an independent world, is heading towards disintegration."
The author is not an outsider. On the contrary, he is a seasoned "old crypto" who has experienced ICOs, #DeFi Summer, #NFT , points, #空投 , #meme in full. Because he is inside the circle, he realizes a brutal fact:
Over the past decade, crypto has been serving "those already on the chain."
We have been refining products, incentives, and growth models all around the same group of wallet addresses:
Points, mining, airdrops, release curves—look like rapid user growth, but essentially, they are repeatedly recycling the same native crypto users.
Impressive first-day data, but retention collapses after three months.
The so-called "customer acquisition" is actually just wallet rotation.
This is not a short-term cycle issue but a ceiling problem.
What truly warrants caution is not "whether the price will rise," but—
If your TAM (Total Addressable Market) is just a group of users who spend every day on CT, Farm, leverage, and airdrops, you will never grow big.
So when the author says "Crypto is dead," it’s not that blockchain has failed, but that:
"Crypto / Web3" as an identity label and an independent universe is becoming a burden.
The winners of the future will not call themselves "crypto companies."
Just like no one would say they are an "Internet company" or "Cloud company."
Blockchain will dissolve into everything, like the internet and cloud computing:
Payments, finance, AI, markets, identity, clearing and settlement.
Successful products won’t teach users what Rollup, private keys, or Gas are;
Users will only feel—faster, cheaper, freer, more reliable.
This is also why the real bottleneck is no longer UX.
Wallets are easier to use, login is simpler, and abstraction layers are complete.
What’s blocking the industry now is "intent."
Are you truly solving real-world problems,
or are you just building a fancier casino for gamblers already at the table?
Casinos will not disappear.
Speculation, memes, derivatives will always exist—they even pay for infrastructure.
But the problem is: a casino is not the entire city.
When crypto no longer demands the world to "be like us,"
When ordinary people can benefit without becoming "native crypto users,"
That moment, Crypto truly begins to win.
"Crypto is dead,"
It’s the old narrative, old identity, and old closed loop that are dead.
What survives is blockchain as a foundational infrastructure.
And projects still clinging to
"More crypto users, more points, more airdrops,"
Will most likely remain stuck in the previous cycle.