Galaxy Digital CEO Mike Novogratz stated that XRP and Cardano (ADA) may lose competitiveness in future market cycles if they cannot demonstrate real-world application value. He believes that the crypto market is shifting from “narrative-driven tokens” to “business-driven tokens,” and only projects that generate genuine profit and measurable value will succeed in the long term. Novogratz also cited Hyperliquid as an example, stating that it creates a value model similar to “equity investment” by using profits to buy back and burn tokens, which is the future direction of token development. He predicts that in the next 1–3 years, the crypto industry will undergo a structural transformation, with wallets and exchanges evolving into “neobanks,” offering more mature financial services such as stablecoins, tokenized stocks, and money market products. (CryptoBriefing)