According to CoinMeta, Wu said that he learned that the founder of DeFi platform Dango, Larry Engineer, commented on the “POAP shutdown” incident, stating that the past five years have proven that many crypto narratives such as NFT, metaverse, DePin, SocialFi, GameFi, and DAO are difficult to sustain. Chain-based ownership applications such as ENS and POAP have also lost their growth momentum. He believes that the only remaining viable scenarios currently are perpetual contracts, meme tokens, and gambling-related businesses such as prediction markets. Moreover, with Wall Street institutions accelerating their entry into the stablecoin payment space, the opportunities for startups are further narrowing.