Paradigm founder Matt Huang recently put forward a bold assertion—that this moment in time is crypto’s “Netscape moment” or “iPhone moment.”

Huang believes the entire industry is operating at an unprecedented scale, far beyond the wildest dreams of early participants. More importantly, this explosive growth spans two seemingly contradictory areas: institutionalization is accelerating, with traditional financial giants entering the space; at the same time, the cypherpunk spirit of decentralization is also thriving.

This parallel-track state is quite rare. There’s both Wall Street’s capital and compliance frameworks, while the innovative energy of early geek culture is still preserved. Perhaps this is what a truly mature industry should look like—not either/or, but inclusive and progressive.