Chatting with many Crypto practitioners, I found that regardless of the secondary market, everyone's confidence in the industry has reached an extreme level of pessimism. If summarized in four words, the "crime and punishment" in the current predicament of the crypto industry must be: consensus fragmentation. Upon careful consideration, the overall environment of the current Crypto cycle since 2023 has undergone significant changes, with many new rules emerging and many old empiricism and survival methodologies being broken one by one. There is only one reason for this: new forces are constantly trying to "redefine" the old order: 1) MEME coin industrial assembly line asset issuance redefines VC coin; 2) BN allows bull markets to occur within BSC's internal consolidation strategy, redefining the exchange; 3) KOLs are redefining media and VC through traffic and attention dividends; 4) Quantitative algorithms redefine MM market makers through liquidity trading and initiative; 5) Trader is redefining Degen culture with a pure speculative value of zero value for altcoins; Of course, the old order is destined to be broken, but breaking it in such a radical and fragmented way has brought about a huge cost for the entire industry to mature. The 'difficulties' that each of us Crypto natives feels are a direct manifestation of the intense collision of old and new consensus. What's even more terrifying is that a great Crypto vision that originally required the joint efforts of builders, VCs, exchanges, media, communities, and other parties to maintain is gradually dissolving through continuous differentiation, bloodshed, and alienation. The evolution of the market may not be right or wrong. But in the Crypto industry, which relies on consensus to build high-rise buildings, without a unified underlying consensus, the future remains uncertain.