The AI threat theory has become popular in the crypto circle, but from a business perspective, this risk may not be so absolute. A seasoned M&A professional's view is worth considering: most crypto projects are actually deeply vertical, with solutions fully tailored for specific scenarios. Because of this high level of customization, the switching cost for users is quite high. This business model naturally provides a moat for the project team. In other words, AI is more likely to impact general-purpose, standardized tracks, but projects that thoroughly understand niche markets and specialize deeply may find AI to be a tool to help upgrade themselves. This also explains why some leading projects, despite facing the AI wave, still maintain strong ecosystem resilience.