Looking at the DApp market now, it is in a critical transformation period, and its dynamics reveal the deep logic of industry development. User behavior is shifting from early speculation and conceptual hype to a pursuit of actual utility and productivity. The strong rise of AI agent applications is a clear evidence, as users are no longer satisfied with gimmicks but are actively embracing functional tools that can genuinely enhance efficiency and solve real problems. The revival trajectory of the NFT market is particularly intriguing; although the overall price is under pressure, the active growth of RWA and gaming asset volume strongly suggests that the market is undergoing a value return, shifting from purely PEG collectibles to practical NFTs that have actual uses, can generate profits, or represent real rights. This marks the beginning of the NFT field seeking a more sustainable development model that is more deeply rooted in real demand.

In the DeFi sector, the Total Value Locked (TVL) remains stable at a high level of $200 billion, in stark contrast to a 50% drop in financing amounts. This indicates that although investment in the primary market has become cautious and even cooled down, the actual participation of users and funds has not significantly weakened, and the user stickiness and fundamental demand of core protocols and leading projects remain solid. However, beneath this apparent stability lies a huge crisis. The $6.3 billion hacking attack encountered in the Web3 sector in the second quarter serves as a wake-up call, ruthlessly exposing the industry's serious lag and negligence in building security infrastructure amid rapid expansion. These frequent security incidents not only result in enormous asset losses but also continuously erode the trust that forms the foundation of the entire ecosystem, with its vulnerability becoming the greatest bottleneck restricting the healthy development of the industry.

The development trajectory of the DApp market is becoming increasingly clear, with the maturation of user behavior driving a shift in value focus. The rise of artificial intelligence and social DApps represents the potential of tool-based and relationship-based applications, while the shift of NFTs towards practical value reflects the evolutionary path of asset-based applications. The key to future market success lies not only in capturing these emerging trends but also in the ability to systematically address foundational infrastructure challenges, particularly in terms of security, and to build innovation on a reliable foundation. This is a critical moment where value regression coexists with risks, and both opportunities and challenges are more pronounced than ever.
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