The cryptocurrency industry is transitioning from an infrastructure-focused cycle to an application-driven one, according to a report by Jiawei from IOSG. With Ethereum's scaling solutions like EIP-4844, reduced Layer 2 costs, and modularization, block space is becoming a commodity, shifting value towards revenue-generating applications. Currently, applications account for approximately 80% of on-chain revenue. Asian developers, particularly those from Chinese backgrounds, are expected to gain a structural advantage in this new phase due to their strong engineering, product development, and rapid execution capabilities. The report highlights that primary market opportunities remain strongest in trading, asset issuance, and financial applications. Future growth will hinge on mobile platforms, aggregated trading front-ends, and wallet distribution capabilities. While the value of general-purpose blockchains is declining, investment opportunities still exist in application onboarding, cross-chain solutions, and application-specific chains.