Reading Mandy's article, there is a sentence that resonates with her: Old OG subconsciously feels that as long as time is long enough, new cycles, new narratives, and new TGEs will always emerge. Yeah, we just treated chance as inevitability and accident as regularity because new species happened to emerge in each cycle in the past. But it is clear that innovation is not an assembly line. You can't let the continuous emergence of Bitcoin, Ethereum DeFi、NFT， It is natural to assume that there will be another 'next' this year. Mandy mentioned a lot of data and has already explained many issues. The number of early cryptocurrency financing transactions has plummeted by 64% in four years. Now TGE's projects are all inventory from a few years ago. The primary market is no longer producing the 'next Ethereum', and it is not temporarily discontinued, it may not be produced for a long time. So whether you look at exchanges and top funds doing trade fi or predicting the market, they are hedging, 'there may not be a new narrative in the next cycle'. When no new assets are generated internally, move the external world in. Gold, silver, and US stocks are being listed, predicting that the market will turn global events into trading targets. You cannot bet on the next decade with continuous innovation from the past decade. Innovation is an accident, not a promise. It may come again, but it may not necessarily be encrypted. And when accidents don't come, you need a way of living that doesn't rely on them.