Although a liquidity crisis doesn’t necessarily mean a full-blown bear market, every liquidity crisis hits DeFi hard. This time, the record-breaking liquidation on 10/11, combined with the Balancer hack, has put multiple DeFi projects at risk of collapse. Interestingly, some of those 'doomed' projects from the past, which had attracted significant funding back then and have been quietly innovating over the years, are now being picked up again for speculation during this tense winter. Some choose despair, while others seek hope—different landscapes emerge in the midst of crisis. The industry won’t die; through the raging sands, gold will shine.