The argument that encryption is dead largely comes from on chain casinos and Ponzi schemes being dead, At the same time, on chain activity has dropped to a more severe freezing point than in 2022. -At its peak in 2025, Solana had over 9 million active users, but currently has around 3.3 million daily active addresses over the past 7 days, a decrease of 70% in a year. -The active addresses of BTC are declining at a rate of -6% per month, with only 557682 active addresses currently. -The number of new developers has returned to the level of 2020, while the number of long-term developers has plummeted by 40%. Even more tragic is that the total market value of stablecoins, which has been continuously growing in the past, has shown signs of decline, which is the most direct indicator of deep bears, The total market value of stablecoins in the entire market is $308.193b, but it decreased by $2.754 billion in 7 days, The market value of Solana stablecoin decreased by $940 million, but miraculously, the market value of Tron stablecoin increased by 1.067 billion, with Sun Ge defeating Solana by a large margin. In fact, the demand for stablecoins is rapidly slowing down. Apart from the increasing redemptions in the bear market cryptocurrency market, the interest bearing scenario of stablecoins is also under pressure from US legislative regulation. In addition, due to the existence of BTC ETFs, a large amount of funds no longer need USDT for BTC purchases. In a bear market, the most direct threat to stable currency or cottage liquidity is token money market fund (TMMF) and treasury bond tokens, which may even directly kill most Defi and stable currency to generate interest, Of course, this is only limited to the protocol side. TMMF or treasury bond on the chain can make the shanzhai market fall deeper in the bear market to some extent, but it will also release a large amount of high-quality liquidity to drive the bull market back. Finally, the perpetual market will definitely attract more liquidity as the risk factor decreases, so pay attention to assets that can be used as collateral.