Foreign media commentary suggests that behind this round of growth in the crypto market, the driving forces are no longer merely price and macroeconomic expectations. What is more noteworthy is the entry of retail users into the blockchain, the integration of centralized platforms with decentralized liquidity, the expansion of stablecoins, and the development of AI automated trading tools, all of which are changing the structure of the market.
Retail users are starting to directly enter the blockchain.
The article regards the transition from Robinhood to Robinhood Chain as a landmark move. The author believes that in the past, mainstream retail investors mainly accessed assets through securities firms or exchanges, but now platforms are attempting to move the trading and holding of traditional assets such as stocks onto the blockchain.
The text mentions that some new products attempt to put tokenized stocks and crypto assets in the same wallet, allowing users to gain access to a wider range of assets with fewer steps. The author believes that this design may reduce the switching costs between traditional finance and the crypto market.
Centralized platforms begin to integrate on-chain liquidity
The article argues that one difference between this cycle and the previous ones is that large platforms are no longer solely building closed systems; instead, they are more actively integrating with existing on-chain infrastructure and liquidity pools. The author summarizes this trend as CeDeFi, which refers to the convergence of centralized platforms and decentralized finance.
The text provides an example, stating that Robinhood connecting to Lighter and VALR connecting to Hyperliquid are both manifestations of this change. According to the author, such integrations allow platform users to access more on-chain trading markets without having to leave their original entry points.
- Robinhood is mentioned in the text as being connected to Lighter.
- VALR states that it has been connected to Hyperliquid.
- Hyperliquid There are over 200 related markets.
The author also mentioned that these markets cover not only crypto assets but also extend to stocks, stock indices, commodities, precious metals, and foreign exchange. Based on this, the article concludes that on-chain execution is transitioning from single crypto transactions to a broader range of cross-asset trading scenarios.
Stablecoins and AI are listed as the main focus for the next phase.
At the monetary level, the article regards stablecoins as the most realistic digital payment and settlement tools at the current stage. The author believes that stablecoins have already played a more important role in value storage, transfers, and payments, and may continue to penetrate into corporate and cross-border trade scenarios.
However, the article also emphasizes that stablecoins are essentially still linked to the fiat currency system; they merely digitize fiat money and cannot solve the problem of the erosion of currency purchasing power. Based on this judgment, the author believes that if inflation persists for a long time, some funds may further flow towards assets such as tokenized gold and Bitcoin.
The article also mentions that automated AI proxies and algorithm execution tools may take on more trading and liquidity management tasks in the next phase, including executing complex strategies and handling market operations. The author concludes that, rather than chasing hot tokens in the short term, the platforms and protocols that are more sustainable in the next round may be those that are built around asset holding, global accessibility, and long-term use scenarios.
