Moody's Chief Economist Mark Zandi's recent assessment is worth noting — the Federal Reserve may cut interest rates multiple times by 2026, but this is not because the economic situation is improving, rather it’s due to a delicate balancing act.

What is the reality? Inflation data provides the answer. In November 2025, the US CPI increased by 2.7% year-over-year, with core CPI at 2.6%, still above the Fed’s 2% target. According to Zandi, the CPI is closer to 3% rather than the Fed’s expected level, which directly influences the pace of policymakers’ actions. He admits that inflation remains well above the Fed’s desired level, and while there is potential for it to rise further, risks are two-sided.

In other words, the Fed’s rate cuts have shifted from a "gift of economic prosperity" to a "cautious maintenance of a fragile balance." Under multiple constraints, the central bank can only make marginal adjustments, a typical dilemma of the traditional financial system.

But the crypto space is trying a different approach. Some projects operate on the logic of: not relying on macroeconomic cycles, but instead defining growth metrics themselves — such as regional coverage expansion, user growth, and real-world social impact. These growth indicators are not constrained by CPI data.

Even more interesting is the value distribution mechanism. Replacing traditional monetary policy with smart contracts, setting clear and immutable rules: a certain proportion of each transaction is automatically allocated to different purposes. This creates an endogenous value cycle decoupled from macro interest rates — whether the Fed cuts rates once or three times in 2026, this mechanism operates 24/7, generating real impact.

Essentially, it is a hedge against systemic uncertainty. When traditional asset prices are repeatedly pulled by inflation, employment data, and central bank statements, some crypto projects anchor their value to more fundamental needs. The economy has cycles, but certain human needs always persist. This is an attempt to use volatile assets to satisfy eternal needs.

The collision of these two approaches precisely reflects the direction of financial system transformation.