A view on product and technological innovation in the field of Crypto: The market has remained lukewarm in the 2024 cycle, ultimately due to the fact that most of the product and technology changes during this period were aimed at optimizing existing products rather than creating new breakthrough scenarios For example, the on chain exchange represented by Hyperliquid is optimized for centralized exchanges such as Binance, which can only make the internal circulation of the Web3 ecosystem smoother, but it is not enough to attract a lot of attention from outside the circle