How to Define Crypto Market Structure 3.0?

I read Arjun's article on crypto market structure 3.0 a few weeks ago. In the blink of an eye, the crypto market has passed through 10 years, during which we roughly experienced three stages: wild frontier period, wild growth period, and maturity period. That article gives us a macro perspective overview of the crypto market's full landscape. The entire article flows smoothly and is grandly written, possibly this year's first manifesto-like investment literature. Although it doesn't involve specific coins, in the current context of DeFi squeezing bubbles and overall market pullbacks, this article becomes even more meaningful. Because it makes us think about what kind of changes this market has fundamentally undergone.