The crypto market is undergoing a subtle but profound shift.

Recently, industry investors have been rethinking a question: can projects that once relied on narratives and concepts truly make it to the next cycle?

XRP and Cardano (ADA) have become the focus of this discussion. Some point out that if these projects cannot prove their value in real commercial scenarios, they may be marginalized in future market competition. It sounds harsh, but the logic is quite straightforward—market sentiment is changing.

From the "storytelling" era of a few years ago, we are entering an era of "value creation." What does that mean? Simply put, investors are now paying more attention to whether a project can actually make money and produce measurable real-world value, rather than just hearing grand concepts.

You can see this shift in projects like Hyperliquid—the ones that are actually generating trading volume and showing revenue data are attracting more and more attention. In contrast, purely conceptual tokens are having a tough time.

This is not to say that XRP and ADA have no prospects, but in this new cycle, having only imagination is not enough. You need to produce tangible results—data, users, real commercial applications—otherwise, it’s hard to stay relevant in the market. This could be a core transformation in crypto investment in the coming years.