#DeFi生态与应用 Seeing this report from Goldman Sachs, I have to be honest. Clear regulatory guidance encourages institutional participation, which sounds great, but my past experiences in this space have taught me to beware of the biggest trap: "positive outlook expectations."

In 2017 and 2021, every major regulatory anticipation triggered a wave of FOMO hype. But what happened? While retail investors chased high prices, big institutions had already laid their plans in the background. 35% of institutions say regulatory uncertainty is a barrier, but that doesn’t mean they will jump in immediately once regulations are clarified—on the contrary, they might already be quietly positioning themselves within compliant frameworks.

What’s truly worth paying attention to is the logic behind this statement: infrastructure projects are favored because they are "less affected by market cycles." What does this tell you? It indicates that projects chasing high multiples and new trends remain risky, while foundational infrastructure is what institutions are looking at for the long term. In other words, if you’re still FOMOing over new tokens and ecosystems, you’re repeating past mistakes.

My advice is: don’t be scared into blindly chasing after the "institutional adoption wave." Instead, ask yourself—what is the real use case of this project? Can it survive the next bear market? If the answer is ambiguous, no matter how good the regulatory outlook is, it won’t save you. Long-term survival is far more important than riding a short-term hype.