The competitive landscape of Web3 is quietly changing. The performance wars of the past have ended, and a new battlefield is emerging.

**Privacy as the Ultimate Defense** In the multi-chain era, privacy is becoming the strongest moat for blockchain. Why? Because cross-chain asset transfers are easy, but truly transmitting privacy across chains is as difficult as climbing to the sky. This is not just a technical issue but a fundamental need for on-chain finance. Protocols that master privacy will build a "winner-takes-all" network effect, and privacy will become the ultimate weapon for differentiated competition in blockchain.

**AI Agent Revenue Dilemma** Currently, AI is systematically siphoning revenue from content creators—advertising fees and subscription income are shrinking. Where is the breakthrough in 2026? Real-time micro-payments based on blockchain. Automatically tracking and rewarding content producers who fuel AI through encrypted attribution systems. This mechanism will completely rewrite the distribution logic of the content economy.

**The "Second Act" of Stablecoins** Stablecoins have become mainstream by 2025, but true innovation has just begun. Simple asset tokenization is outdated. Future stablecoins should allow debt assets to be directly generated natively on-chain, rather than transferred off-chain. The benefits are obvious: reducing service costs, increasing accessibility, and upgrading traditional banking ledger systems.

**Perpetual Contracts vs. On-Chain Assets** The last noteworthy direction is perpetual contracts. Compared to directly tokenizing traditional assets on-chain, utilizing perpetual contract mechanisms may be more flexible and efficient—this is becoming a new choice for institutional investors.