727 FinancePANews reported live on September 23 that the Binance research team shared in the "Ye Tan-Under the Cycle" private meeting that big bull markets often require monetary easing and paradigm innovation resonance, and new uses determine the scope of growth and diffusion, and sorted out the five major cycles of the crypto market so far.
1. Value storage (2011–2015): Represented by BTC, Litecoin, etc., competition revolves around digital gold and peer-to-peer currencies.
2. Public chain infrastructure (2016–2018): Ethereum, EOS, etc. are exploring “world computers”. Infrastructure comes first, but applications are not yet mature.
3. DeFi (2019–2022): From trading and lending to algorithmic liquidity experiments, some projects collapsed after interest rate increases due to lack of real cash flow.
4. Institutional entry (2023–2025): Spot ETFs have opened capital entrances, and themes such as Meme, BTCFi, and AI are rotating, but new application paradigms are limited.
5. RWA/DeFi 3.0 (from 2026): Real assets are put on the chain, allowing DeFi to connect with real cash flow, which is expected to promote the "DeFi Renaissance". According to its on-site introduction, the scale of RWA on the chain has reached nearly 40 billion US dollars, with an increase of approximately 50%–60% during the year.
The Binance research team believes that as the industry has gone through stages such as value storage, public chain infrastructure, DeFi applications and institutional capital channel expansion, RWA is expected to become an important driving force in the next stage.