Currently, the entire industry is caught in two extremes: dystopian memes with no intrinsic value and utopian technological promises that cannot solve current problems.

Unless Ethereum undergoes fundamental changes in the way the community and organizations operate, its relative advantages in valuation and usage have peaked.

Let's take a look back at the eight major highlights of Q3.

The bull market in 2013 was mainly driven by Bitcoin, the bull market in 2017 was driven by tokens and ICOs, the bull market in 2021 was driven by DeFi protocols and NFTs, and the next cycle may be driven by new applications.