By 2026, the Web3 industry must face a reality: the era of wild growth is coming to an end, and compliance has become the main theme for the next phase.

The approval of Bitcoin spot ETFs is just a warning shot; the real changes are yet to come. Stocks, bonds, real estate—these traditional financial assets will eventually migrate to the blockchain in token form. The question is: who can support this wave of migration?

It certainly won't be anonymous public chains that claim decentralization but evade regulation, nor centralized chains that boast high performance but frequently malfunction. Future financial infrastructure must overcome three hurdles: ensure privacy protection (user data is not leaked), support compliant auditing (regulators can intervene), and guarantee real-time settlement (transactions confirmed within seconds).

Looking across the entire Layer 1 ecosystem, there are very few projects that can meet all three criteria simultaneously. If a chain can facilitate asset issuance for institutions, provide users with a secure privacy wallet, and reserve auditing interfaces for regulators, it is essentially building a decentralized digital financial hub—that is the true ambition of Web3.

Frankly, the core logic of investing in this direction is betting on blockchain reconstructing global finance within ten years. If this judgment is correct, then public chains that meet the above conditions will become the foundation of a new financial system. Short-term fluctuations are not worth obsessing over; what truly matters is understanding the industry’s overall direction. Projects that persist in doing difficult but correct things will be rewarded by time.