It is now 2025, and Crypto Assets are moving towards the mainstream. The "GENIUS Act" has been officially signed into law, and we finally have a clear regulatory framework for stablecoins. Financial Institutions are increasingly embracing Crypto Assets. Crypto Assets have triumphed! As Crypto Assets cross the chasm, this trend means for early venture capitalists: we see that crypto-related projects are gradually surpassing crypto-native projects. The so-called "crypto-native projects" refer to projects built by crypto experts within the crypto field; while "crypto-related projects" refer to the application of crypto technology in other mainstream industries. This is the first time I have witnessed such a transformation in my career, and this article aims to explore the core differences between building crypto-native projects and crypto-related projects.

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