According to CoinMeta, Wu said that Spencer Applebaum, the co-head of venture capital at multicoin and capital, pointed out in a post that AI has greatly lowered the barriers to protocol development, leading to a rapid homogenization of pure software. However, the core barriers to financial services still lie outside of code in three main areas: first, the distribution channels centered around loyal customer relationships and order flows; second, the balance sheets and capital scales that cannot be created out of thin air (such as cross-currency principal brokers with risk resistance capabilities and protocol-owned reserves); third, the underwriting of proprietary data involving offline proprietary information and non-public risk control (such as onre reinsurance or GPU collateral loans). He emphasized that the underlying common L1 / L2 is losing its native advantages in distribution and capital exclusivity. The key for startups to break through lies in entering the "high-risk tolerance" blue ocean markets that traditional giants are reluctant to enter due to compliance or reputation concerns, and gradually building up the aforementioned barriers.