Well... i am not sure of what stage we are in, but yup development is happening but results have to show, then only can confirm the 3rd phase. But speculation and hype not working so much, and market is maturing. All eyes on ETH... I am counting on it disrupting things with all the intended developments. Next 2-3 years we provably have functions blockchain projects that are more realistic, lets wait and watch, its going to be exciting.