本轮加密市场上涨的主线，是由美国政府通过监管与政策主动推动的“政策型周期”。从《GENIUS法案》确立美元稳定币的联邦法律地位，到 SEC 启动“Crypto Everything”计划，再到允许 401(k) 养老金投资数字资产，美国正将加密资产系统性纳入美元主导的金融体系。文章认为，短期机会在于顺应政策与资金流向，长期价值取决于赛道能否与未来金融和科技发展同频。监管明确后，真正有价值的赛道将沉淀下来，而无实体支撑的伪概念将被淘汰。

本文围绕当前加密项目在空投激励机制上的困境展开，指出单纯依赖自有代币进行用户激励往往导致流量短暂、用户留存困难、生态透支等问题。提出“羊毛出在猪身上”的商业模型作为解法，强调项目方应利用自身独特资源，引入外部合作方为用户激励买单，从而实现多方共赢。

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