From stablecoins and perps to RWAs, Crypto is transitioning from a standalone industry into financial infrastructure.
Written by: 168X
In August 2026, Crypto is at the industry bottom: a deep bear market prevails, exchanges like BitMEX and BitMart announce they are halting trading operations, last-cycle star products like Zapper and Fantasy Top are gradually shutting down, and hacks are continuously reported across DEXs and DeFi. More critically, talent and capital are flowing massively toward AI, and primary market VCs are beginning to liquidate positions. At this moment, 168X invites Lao Bai (@Wuhuoqiu) to discuss why Crypto feels like a win for the industry but a loss for individuals? What stage are we at now, and what opportunities…
