I've been talking about the concepts of "Crypto 1.0" and "Crypto 2.0" for the past two to three years now — it's not something I just started saying this year. The same goes for "Web4," which I've been discussing for nearly a year. When I refer to Crypto 1.0, I'm not talking about the classic bull-and-bear cycles of cryptocurrencies that most people assume. I believe the traditional four-year bull-and-bear cycles of crypto are over. The Crypto 1.0 era officially ended in early last year. What we're living through now is the transition period from Crypto 1.0 to Crypto 2.0. Crypto 1.0 describes the entire 17-year period that began with Bitcoin's creation and lasted until roughly early last year. During this era, blockchain technology was born and gradually matured. Most cryptocurrencies carried little to no inherent utility. They were primarily tokens representing their underlying technology, with only minimal connection to real user needs. Only a tiny fraction developed any meaningful linkage to actual usage demand — mainly stablecoins, exchange tokens, and native blockchain platform tokens. Even these were largely tied to the "financial" aspect of human needs. The vast majority of tokens had zero connection to real-world utility and existed purely to serve speculative financial demand. That was the defining characteristic of the Crypto 1.0 era. If the industry continues developing along similar lines, we will not have entered the Crypto 2.0 era. In the upcoming Crypto 2.0 world, cryptocurrencies will have a clear and direct connection to real human usage demand across various domains. That said, I predict that even in Crypto 2.0, the majority of this usage linkage will still carry a strong financial component. For example, people use stablecoins — but that usage itself is fundamentally financial in nature. The mainstream cryptocurrencies of the Crypto 2.0 era will possess dual attributes: they will be financial instruments on one hand, while maintaining direct or indirect ties to real usage demand on the other. From this perspective, crypto equities (tokenized stocks) are very likely to become one of the dominant forms of cryptocurrency in the Crypto 2.0 era. From an ideological and collective consciousness standpoint, the Crypto 1.0 era represented the birth and wild, unchecked growth of crypto-native thought. It was the early stage of decentralized fundamentalism — the initial emergence and spread of the faith. In contrast, Crypto 2.0 marks the mainstream institutionalization and ideological maturation of that same crypto belief system.