Everyone is saying that encryption is no longer interesting. Can you share my opinion. In fact, it only took less than a year and a half for the development of on chain narrative hype to the landing of compliance agencies, Starting from around the end of 2024, encryption became increasingly boring, Breaking away from the grassroots community and moving towards tokenization and payment infrastructure. As a result, a large number of VC coins fell out of favor, and there were compliance risks. The so-called low float, high FDV model completely collapsed. After waiting for three years, counterfeit retail investors still couldn't beat BTC, and the odds of counterfeit players plummeted, basically quietly withdrawing. Next, it's MEME players' turn. Launch platforms such as Pump and Fun have lowered the coin issuance threshold to an extremely low level, completely streamlining the entire meme. If counterfeit players die due to liquidity dispersion and market capitalization dilution, then meme players die due to attention dispersion dilution. In just 2025, 11.6 million tokens will die, accounting for nearly 90% of the total number of tokens in the cryptocurrency circle over the years. A group of NFT players died 23 years ago, completely draining almost 80% of their liquidity. The remaining group also withdrew due to the expected end of Penguin airdrops or was completely trapped by Penguin Coin. Currently, the NFT market value is only over 2 billion yuan. On the contrary, the bull market of 2021 actually accumulated a narrative of the entire bear market: The pioneering of ICO in 2017, MakerDAO and UNI in 2018, Compound in 2020, and liquidity mining in September have all led to increasing enthusiasm, resulting in the emergence of a dominant blue chip project almost every month or even every half month in 2021, with narrative and sector construction starting from that year. In the entire 23 years, apart from the BTC ecosystem, there were only Blur and Friendtech. After a brief moment of modularity, 24 years was basically the home of EigenLayer. After all, the bottom layer of the inscription was an attention fast-moving consumer product that would stall in a few days. Even if the BTC tree was preserved, it did not form its own ecosystem. Since Pumpfun 24 years ago, there have been no more interesting encryption projects. The daily settlement layer, bill, compliance, trusteeship, income rules, and treasury bond token trading have sore ears, but in fact, they have nothing to do with retail investors. The similarity rate of projects that can be participated in is also increasing. The Caotai team had the charm of the Caotai team, at least at that time, individual investors could earn money by accumulating knowledge, operating speed, and community intuition.