The cyclical story of Web3 actually has traces to follow. From DeFi to NFT, from the Metaverse to AI+Web3, each wave of hype attracts a large influx of capital, but very few people actually profit. Why? Because most are carried away by the hype and ignore the underlying logic.

This is the core issue—without a solid foundational narrative, it’s ultimately just a castle in the air. Looking ahead to 2026, I want to point out three underlying trends that will reshape the industry landscape, all of which are summarized from actual market evolution.

**Trend 1: From Lack of Regulatory Framework to Improved Compliance, Regulation Becomes a Core Competitiveness**

When it comes to regulation, many people's instinctive reaction is to retreat. But this mindset is actually outdated. A market without rules is like an intersection without traffic lights—chaos and risk are inevitable.

2025 will be the turning point. The US has already sent a clear signal—integrating Bitcoin into the national strategic reserves, and setting clear regulatory boundaries for stablecoins. Progress in Hong Kong is also rapid; from foundational system design, they are already moving toward practical application. The legal framework for stablecoins has been established, and RWA pilot programs are being rolled out.

By 2026, this direction will only become clearer. Compliance will no longer be optional but a basic requirement. Projects still waving the banner of "no regulation" will be voted out by the market and eliminated quickly.

The industry is shifting from disorder to order, from wild growth to institutionalized operation. For projects with real technology and products, this actually presents an opportunity.