Recently, I had a conversation with a few friends outside the crypto space who are interested in web3 due to stablecoins, discussing the current state and trends of the web3/blockchain industry. On a whim, I recorded a video. I thought it would be 3-5 minutes, but it ended up being 23 minutes long. This round of industry development mainly has two major threads: 1/ Internal exploration — Multi-dimensional on-chain: from various new assets to trading platforms, from spot to contracts, from self-custody wallets to the DeFi revival. 2/ External connection — Mainstreaming crypto assets: from spot ETFs to crypto stock asset reserves, from stablecoins to RWA, the industry is rapidly integrating with traditional finance and regulatory compliance. In the future, these two trends may even merge, namely the compliance of ICOs (on-chain × compliance), which is also one of the main ideas of Project Crypto.