While playing in Lijiang and Dali, I chatted with several top tier builders and coincidentally shared a feeling: the current Crypto primary market seems to be in a multiple crisis of "no way out": 1) Is the narrative completely devoid of meaning, and casino culture fully dominates? In fact, what is truly frightening is not the inability of technical storytelling to deliver, but rather the fact that everyone directly abandons narrative packaging and fully embraces MEME style casino culture. The slow delivery of technical narratives is at least a matter of long termism. There are innovation cost covers in the early stages of VC rounds, as well as the process of project construction, testing, and implementation of Roadmaps on the main network. Transparent display during this period can help ordinary users recognize the strength of the project and form value judgments. But now what? Everything has become a game of pure community operation and behind the scenes fund game, with trading opportunities exaggerated to the point of counting by day or even minute. When the market is no longer built around technological narratives for the long term, the risk of pure MEME trading is multiplied, and for the vast majority of people, this market will become even more dangerous. 2) Is developer turnover accelerating and technological innovation stagnating? Data does not lie. According to relevant data, the number of active Crypto developers on Github has dropped by nearly 30% from last year's peak, while the recruitment packages for engineers in AI and traditional technology companies have been skyrocketing during the same period. The logic is very simple. When OpenAI, Google, and Meta are all competing in the AI arms race to build a silicon based civilization, how many developers can Crypto retain with its narrative sentiment of "subverting the Internet"? The key is that after two to three build cycles, Crypto has now entered a stage of internal friction where developers' enthusiasm for innovation is rapidly declining, and there are very few truly zero to one technological breakthroughs. Restaking, Intent, AI Agent and other narrative concepts have become popular one after another, but what about their practical applications? Where is PMF? I don't know why, but everyone is building wheels, but they are powerless and helpless to care about how far the wheels can go? Originally trapped in market noise and garbage time, most people still have a belief that if they hold on, they will eventually get better. But now? Where is Holder? 3) Lack of off-site incremental attractiveness, Crypto tends to be marginalized? The attractiveness of Crypto to off exchange funds and talents is clearly insufficient. Look at the current situation: the real second tier knockoff season is in the US stock AI market, the real first tier innovation market is in the web2AI field, and Crypto's attractiveness to traditional VC and top talents is decreasing day by day. Instead, it will be labeled as a "speculator" and lose its dignity. Looking into the reasons, apart from the golden signboard of "issuing coins", Crypto cannot provide any other solid foundation. Although ETFs bring institutional funds, they are more of a recognition at the level of financial instruments. The inflow of Wall Street funds is only used as asset allocation, and the linkage with the altcoin market is far fetched. What scenarios require Crypto? In the past, the value of Crypto was to provide a relatively free experimental space for financial innovation. However, as traditional financial institutions began to embrace this market through stablecoins, ETFs, and other means, what irreplaceable value can Crypto bring to users besides its technological feature of "decentralization"? Note: This topic is for discussion only. Despite confusion, I am willing to believe that the real way out may be somewhere nearby. Maintaining optimism is the best help, otherwise what else can we do!