Actually, there is a fundamental contradiction here, and it has not been self-consistent for two cycles: Utility has a limit while Token does not.

Because tokens exist on the chain, they naturally have a lifespan, giving people a stereotypical impression similar to the "perpetual operation" in accounting principles.

In fact, regardless of whether to cut or not, any application itself has a lifecycle. A game can only live for so long, and a consumer application will be phased out no matter how it is changed over the years. Moreover, many applications in crypto must also revolve around the token system, with limited room for changes.

This leads to the fact that the vast majority of tokens are like technology stocks. As time goes on, their growth potential decreases, and the market's preference for new over old is scientifically based.

If a coin cannot become more like a commodity rather than a technology stock, as you extend the timeline, extinction is inevitable.

So the longer I spend in the market, the less I need to rationalize the valuation of a project for its market value and empowerment: It is difficult to find a market like crypto in the world, requiring assets to cross from a risk asset to a commodity valuation system.

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