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After watching this interview with Dr. Han, I overall feel that Gate's assessment of the industry cycle is quite rational.
Currently, AI, robotics, and other technological narratives are indeed attracting more capital attention, but the crypto industry itself has always been a strong cycle market, and periodic silence does not mean innovation has stopped.
It is particularly noteworthy that he mentioned the AI + Web3 (Intelligent Web3) direction, where AI agents help users handle on-chain operations. If this can solve authorization and security issues, it could indeed change the way users interact with Web3.
Additionally, Gate's布局 in RWA, payments, DEX, and the integration of TradFi also indicate that exchanges are evolving from single trading platforms to comprehensive financial infrastructure.
Overall, it seems more like laying the foundational infrastructure in advance for the next cycle.