After days of fierce competition, I rushed to preach on the x402 track. When I woke up and focused on the day, the sky collapsed! Okay, just in time to not complain: 1) The market has undoubtedly been a bear market for a long time. Since TRUMP, market liquidity has been almost drained, and everything that follows is a bullish sentiment; 2) Since TGE, altcoins have been in a state of full debt. They no longer have holders who adhere to their beliefs in the past, contributors who are dedicated to contributing without distractions, the proliferation of airdrop hunters, VC investors eager to launch, CEX's tug of war, and project parties who have been investing for many years and want to make a fortune all want to withdraw. Who will be the leek? 3) MEME was once seen as the redemption of the knockoff market, and its mission has been achieved, becoming an alternative solution for retail investors to fight against high FDV VC coins. However, MEME's zero technical threshold, fair start illusion, and other pipeline style batch replication cannot become a long-term value capture channel. It has been proven that without the complementary narrative of VC coin's technological innovation from 0 to 1, the light and heat of MEME are only the consumption of PVP's stock, which will ultimately lead to systematic erosion of the industry; 4) CEX has always undertaken the spillover and liquidity amplification of on chain innovation. But with the emergence of Pumpfun, GMGN, Hyperliquid style innovation, and wealth creation effects, exchanges felt the crisis and launched the "internalization" project to save themselves. The result is obvious: when the shovel sellers start making gold, the significance of the entire gold mining track is weakened; 5) The hellish gray moment for the project builders has arrived. Why are so many projects queuing up for TGE, why has the market lost patience to polish products, and why has the original sin of structural imbalance in the market all fallen on the project side and VC? It's too complicated, no one can answer this question, but it's an undeniable fact that cryptocurrency builders and VCs have gone bankrupt and leaked. What is even more terrifying than going bankrupt is that the industry has been completely wiped out, leaving no one behind. Never mind, writing too much has become a complaint again. But this is precisely why I have been calling for on chain innovation. Our Crypto industry is no longer as glorious as it used to be, it is sick, old, and even terminally ill. Only by starting from scratch and opening the narrative mainline driven by technological innovation on the chain can everything be reorganized.